【招银国际】HK Stablecoins outlook opens up the headroom for valuation re-rating; uplift TP to HK$20.4-250603（9页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 3 Jun 2025 CMB International Global Markets|Equity Research|Company Update ZhongAn(6060 HK)HK Stablecoins outlook opens up the headroom for valuation re-rating;uplift

2、 TP to HK$20.4 ZhongAns share price surged 55%in the week of 26 May,propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by the HK LegCo on 21 May,and the GENIUS Act advancement to the US Senate on 20 May.Despite the surge was to some extent driven by a round of FOMO

3、 sentiment,we expect the valuation re-rating of ZhongAn starts to gain traction in the market alongside underwriting improvement in insurance segment,leaving limited downside risk for the stocks valuation reverting to the previous low of 0.7x-0.8x FY25E P/B.With the Stablecoins Ordinance to come int

4、o effect this year,we believe the first batch of participants of the HKMAs stablecoin issuer sandbox could be key beneficiaries for capitalizing on the fund flow momentum on virtual assets in HK,and bring tailwinds of topline upside to affiliated companies.ZhongAn Online holds 8.7%in RD Technologies

5、(Fig.3)which is potentially an undervalued target,in our view.For insurance,we see topline growth on robust health and auto premiums and improved CoR to underpin margin profile.On banking,we raise the target P/B multiple for it being HKs first digital bank to provide reserve banking service for stab

6、lecoin issuers and crypto trading services to retail investors with reference to the valuation of global peers(Fig.2).We lift our FY25-27E EPS forecasts to RMB 0.69/0.79/0.93(prev.RMB 0.63/0.74/0.87)and target P/B for banking to 2.3x(prev.1.12x).Based on SOTP,we derive our new 12m forward target pri