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RTNominal up26.000 +0.250 (+0.971%)

09/06/2021 17:00

{I-bank focus}JP Morgan lifts ZA Online (06060) to HK$50

[ET Net News Agency, 9 June 2021] J.P. Morgan lifted its target price for ZhongAn
Online P&C Insurance (06060) to HK$50 from HK$36 and upgraded its rating to "overweight"
from "underweight" after the 51% stock price decline since mid-February.
The research house anticipated premium growth to accelerate 38%/40% in FY2022/23. This
strong growth stands in contrast to a flat industry outlook and should prompt an
underwriting turnaround (FY2022 combined ratio: 99.6%) and earnings growth under a
capital-light business model. In addition, tech-related revenue is expected to grow at 50%
CAGR in the next three years.
JPM forecast credit insurance business growth of 20% in 2021. This exposure could pose a
potential downside risk in a scenario where China's credit cycle tightens. (KL)

Remark: Real time quote last updated: 03/12/2021 13:05
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