[ET Net News Agency, 22 July 2019] Daiwa Research lowered its target price for ZhongAn
Online P&C Insurance (06060) to HK$20 from HK$25 but upgrade its rating to "hold" from
"underperform".
The research house said it sees ZA Online turning to a profit-conscious strategy and due
to its prolonged share-price underperformance since its IPO in September 2017.
Daiwa said the year-to-date slowdown in ZA Online's gross premium growth is largely a
result of it now becoming more disciplined in its travel and health ecosystems. Channel
fees and claims in its travel ecosystem combined accounted for 98.9% of its NEP (Net
earned premiums) in 2018, the highest among its 5 major ecosystems.
Management targets to reach underwriting breakeven in the combined ratio (CoR) in 2020.
Daiwa forecast a relatively slower CoR improvement to 113% in 2019 and 105% in 2020 from
121% in 2018. (KL)
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06060 ZA ONLINE
Nominal 
14.860 +0.560 (+3.916%) Research Report
22/07/2019 10:48
[I-bank focus]Daiwa lowers ZhongAn Online (06060) to HK$20
| Remark: | Real time quote last updated: 10/05/2024 17:59 |
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