中国太平：FY24 NBV outshined; resume coverage with BUY-20250326

CMB International Global Markets | Equity Research | Company Update China Taiping (966 HK) FY24 NBV outshined; resume coverage with BUY Resume coverage with new TP at HK$15. China Taiping reported robust full- year results with net profit rising 36.2$8.43bn, 10%/11% lower than our and Bloomberg consensus. The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17. Pre-tax profit surged 90% YoY to HK$22bn, broad ...