DBS: Raises ZhongAn's online target price to HK $24, optimistic about the potential growth of stablecoin business
2025-07-24 09:52:02
DBS published a research report that ZhongAn Online's underwriting profits further improved in the first half of the year, with insurance premiums growing by 9.3% in line with expectations, driven by medical and auto insurance. RD Tech, which is 8.6% owned by the group, is the first applicant for a virtual asset issuer license in Hong Kong and is expected to be approved by the end of 2025. The bank believes that ZA Bank is expected to break even in 2025, laying the foundation for a potential initial public offering. Based on the potential growth space of stablecoin business, the bank raised the target price of ZhongAn Online from HK $20 to HK $24, maintaining the "buy" rating.
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