DBS released a research report raising its target price for China Taiping (00966.HK) from HK$23 to HK$25 and maintaining a “Buy” rating. The bank noted that 2025 will be a transitional year for China Taiping. Currently, over 90% of the company’s new business consists of policy products, and its investment strategy has shifted from high-yield to a barbell strategy. With the restructuring largely complete by 2025, management is optimistic about growth in fiscal year 2026. Regarding dividends, the company is focusing on dividend growth to strengthen its core solvency.