Goldman Sachs reported that it held a post-performance roadshow with 02378.HK. In conclusion, the bank believes that the Group is moving towards growth and expansion in the mainland and recovery in the ASEAN market. Despite the impact of the epidemic, the Group's new business premiums in the mainland are expected to grow well in the second quarter of this year, driven by strong bancassurance sales. The bank is of the view that if the Group's mainland business can continue to grow faster than its peers, it may help to address market concerns about its joint venture structure in China and boost share price performance. Goldman Sachs investors' concerns about short-term new business premiums and operating profits have been reflected in the share price. The company continues to have higher-than-expected growth in the mainland, but its valuation is still close to historic lows, and the discount rate compared with 01299.HK is also the largest ever. Even though there is still uncertainty about customs clearance between Hong Kong and Australia and the mainland, the risk and return is attracted to maintain the "buy" rating. The target price is lowered from 174yuan to 161yuan, and the group's premium forecast for new business in the second half of this year is lowered, reflecting the decline in profit margins of the Hong Kong business. The profit forecast has also been slightly adjusted.