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RTNominal up32.350 +2.250 (+7.475%)

22/11/2019 15:04

{I-bank focus}JPM upgrades ZA Online (06060) to HK$32

[ET Net News Agency, 22 November 2019] J.P. Morgan lifted its target price for ZhongAn
Online P&C Insurance (06060) to HK$32 from HK$23 and upgraded its rating to "overweight"
from "neutral".
The research house said it is more confident about the company refocusing on the
capital-light business model expansion outlook (i.e, health, e-commerce). It also sees the
company's consumer finance-related balance sheet risks gradually receding. Lastly, JPM
expects product mix changes to open up faster underwriting turnaround potential with a
below-100% combined ratio in 2020.
JPM forecast earnings to reach RMB2.7bn. It revised the combined ratio forecast to
110%/99%/95% from 115%/104%/99% in FY2019/20/21 following the product mix optimization. It
expects the net loss to narrow to Rmb62mn in FY2019 and the company to deliver a positive
net profit of RMB1.2bn/2bn in FY2020/2021. (KL)

Remark: Real time quote last updated: 17/01/2020 17:59
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