[ET Net News Agency, 8 September 2020] Guotai Junan International lowered its target
price for ZhongAn Online (06060) to HK$56 from HK$58.03 and maintained its "accumulate"
rating.
The research house said ZhongAn Online's interim results were in line with the previous
positive profit alert. It said the reason behind the robust expansion of the Personal
Clinic Policy Series was continuous service upgrade, supported by its medical service
system.
Guotai Junan expects health ecosystem premiums to maintain a 50% growth in the next
three years. The loss ratio should decline given the termination of low-quality group
health insurance. The channel fee ratio might see an increase due to investment in
proprietary platforms and promotions.
For the insurance segment, underwriting profit is expected to improve. For the tech
segment, growth was supported by increasing demand in digitalization, Guotai Junan said.
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06060 ZA ONLINE
Nominal 
13.120 +1.000 (+8.251%) Research Report
08/09/2020 18:01
Guotai Junan trims ZhongAn Online (06060) to HK$56
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