CICC: Maintains Buy Rating on ZhongAn Online (06060), Raises Target Price to HKD 23

Zhixin Finance and Economics App learned that CICC released a research report stating that Zhongan Online (06060) is currently trading at 1.1x 2025e P/B. The company's outperform rating remains unchanged. Due to the company's virtual bank turning profitable trend and improvement in underwriting exceeding expectations, the bank raised its 2025/2026e earnings per share forecast by 12.3%/13.1% to HK$0.73/0.83, raised 2025/2026e book value per share by 16.5%/16.3% to HK$15.23/16.06, corresponding to a target price increase of 9.5% to HK$23, with a potential upside of 22.5% and a P/B of 1.4x 2025e.