[ET Net News Agency, 3 December 2020] Daiwa Research lowered its target price for
ZhongAn Online P&C Insurance (06060) to HK$40 from HK$47 and maintained its "hold" rating.
The research house cited ZhongAn management saying that premium growth in the health
insurance segment softened in 2H (to around 20% on Daiwa's estimates), given the
stabilisation of the pandemic and a much higher base.
Daiwa noted that the recent rising competition in online health insurance products is
leading to higher commissions being paid to some of its distributional partners,
particularly Ant. This will affect the improving trend of its expense ratio in 4Q and
2021. Hence, Daiwa's forecast of the Combined Ratio (CoR) is more conservative than the
consensus, at 101.5% versus 99.5% for 2020 and 100.1% versus 98.3% for 2021. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
06060 ZA ONLINE
Nominal 
12.000 -0.640 (-5.063%) Research Report
03/12/2020 16:24
{I-bank focus}Daiwa lowers ZA Online (06060) to HK$40
| Remark: | Real time quote last updated: 16/04/2024 15:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |