[ET Net News Agency, 28 August 2019] Nomura lowered its target price for ZhongAn Online
P & C Insurance (06060) to HK$26.86 from HK$31.61 and maintained its "buy" rating.
The research house said ZhongAn's 1H earnings turned positive at CNY95mn, versus a loss
of CNY656mn in 1H 2018, due to improving annualized total investment return of 8% for 1H
versus 3.6% for 1H 2018.
However, underwriting results were below Nomura's expectation on both business margin
and top-line growth. Nomura observed weakening growth momentum for all business lines
except for the life consumption ecosystem, particularly dragged down by health, consumer
finance, and auto ecosystems.
Nomura cut its FY2019-21 earnings forecasts by 57%/51%/32%. (KL)
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06060 ZA ONLINE
Nominal 
11.160 -1.160 (-9.416%) Research Report
28/08/2019 17:40
{I-bank focus}Nomura lowers ZA Online (06060) to HK$26.86
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