[ET Net News Agency, 27 August 2018] Credit Suisse lowered its target price for ZhongAn
Online P&C Insurance (06060) to HK$40.16 from HK$67.3, and maintained its "neutral"
rating.
The research house expects total Gross Written Premium (GWP) to grow 106% YoY to
Rmb5,132mn in 1H, driven by health, consumer finance and auto insurance. Combined ratio is
expected to be 125%, versus 132% in 1H 2017.
Credit Suisse views monetisation of ZhongAn's technology will take longer time to
realise its potential than previous expectations. ZhongAn made significant investment to
keep its competitiveness in advanced technology, which led to near-term earnings pressure.
Credit Suisse lowered its FY2018 earnings forecast from net profit of Rmb32mn to net
loss of Rmb1,044mn, and lowered its FY2019/20 earnings estimates by 80%/44%, mainly on
heavy investment to boost technology business and early stage of monetisation. (KL)
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06060 ZA ONLINE
Nominal 
11.160 -1.160 (-9.416%) Others
27/08/2018 18:01
[I-bank focus]CS chops ZA Online (06060) to HK$40.16
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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