UBS raises the target price for ZhongAn Online to reflect long-term cryptocurrency opportunities

ChainCatcher news, according to aastocks, UBS released a research report stating that ZhongAn Online's net profit after tax in the first half of the year increased 11 times year-on-year to 668 million RMB, reaching 68% of the market's full-year earnings forecast.

The comprehensive cost ratio improved by 2.3 percentage points year-on-year to 95.6%, possibly better than market expectations, and the banking business has turned profitable. Therefore, UBS raised ZhongAn Online's target price from HKD 13.1 to HKD 22.3 to reflect long-term stablecoin/cryptocurrency opportunities, favorable policies in the stock market, and rolling valuations.