Damo: Reduced the target price of the People's Insurance Group (01339) to HK$7.2 to maintain the “Overweight” rating

The Zhitong Finance App learned that according to the People's Insurance Group's (01339) performance update model for the first half of 2026, it lowered its 2026, 2027, and 2028 net profit forecasts after tax by 6%, 7.3%, and 7.4%, respectively, to include factors such as stock market adjustments in the third quarter of 2026 and a slowdown in profits in the health insurance business, while life insurance and financial insurance businesses remained basically unchanged. The dividend per share forecast remains largely unchanged. The bank further updated the RMB to HKD exchange rate, which was adjusted from 1.15 to 1.17. The target price was slightly reduced by 1.4% to HK$7.2 from 7.3%, and the rating was “increased”.