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06060 ZA ONLINE
RTNominal up43.150 +2.200 (+5.372%)
Others

06/05/2021 17:33

{I-bank focus}UBS lifts ZA Online (06060) to HK$48.2

[ET Net News Agency, 6 May 2021] UBS Global Research lifted its target price for Zhong
An Online P&C Insurance (06060) to HK$48.2 from HK$39 and maintained its "neutral" rating
as its growth prospect is well priced in.
The research house believes the newly implemented regulations on short-term health
insurance could help improve the competitive landscape for Zhong An. UBS expects 2021-23
gross written premium (GWP) CAGR of 24%, mainly driven by health and digital lifestyle
ecosystems. It forecasted a combined ratio of 103.5% for 2021 and improving to 98.9% in
2022, partly on easing competition on channel fee.
However, UBS believes Zhong An remains reliant on third-party partners and content
platforms (e.g. Douyin) for client acquisition, while conversion to direct sales has been
slightly behind our expectations. (KL)

Remark: Real time quote last updated: 29/07/2021 18:00
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