[ET Net News Agency, 21 September 2018] Daiwa Research lowered its target price for
ZhongAn Online P&C Insurance (06060) to HK$28.5 from HK$34, and maintained its
"underperform" rating.
The research house sees ZhongAn's top line not growing fast enough to support a
satisfactory trend in its Combined Ratio (CoR). Its gross premium growth in August
moderated to 7% MoM and 78% YoY (below 1H's 107% YoY and Daiwa's 2018 estimate of 84%
YoY).
Daiwa expects ZhongAn's net earned premium (NEP) growth to be substantially lower than
its gross premium growth during 2017-19, due to rising "unearned premiums" as a result of
a changing premium mix.
It looks for only 65% YoY growth in its NEP in 2018, compared with 84% YoY growth in its
gross premium in the same period. (KL)
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06060 ZA ONLINE
Nominal 
12.000 -0.640 (-5.063%) Others
21/09/2018 11:12
[I-bank focus]Daiwa cuts ZA Online (06060) to HK$28.5
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