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RTNominal down25.650 -0.050 (-0.195%)
Research Report

25/11/2019 11:38

{I-bank focus}Nomura lowers ZA Online (06060) to "neutral

[ET Net News Agency, 25 November 2019] Nomura raised its target price for Zhong An
Online P & C Insurance (06060) to HK$27.49 from HK$26.86 but downgraded its rating to
"neutral" from "buy".
The research house said technology is the key factor that differentiates Zhong An from
traditional peers, but monetizing the technological capability entails uncertainties. In
this regard, it thinks Zhong An's continued investment in technology is a good strategic
move and is likely to strengthen its competitive position.
Meanwhile, it thinks management ought to strategically phase out the non-scalable
businesses, particularly those that provide no direct access to clients and involve
difficulty in building up customer loyalty.
Nomura adjusted its FY2019 earnings to a net loss of CNY576mn from a net profit of
CNY234mn, and lift FY2020/21 net profit by 22%/13%. (KL)

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