Rasan: Share price weakness on competitive concerns provides an attractive entry point

研报英文原文证据摘录

Rasan: Share price weakness on competitive concerns provides an attractive entry point

J P M O R G A N CEEMEA Equity Research

09 July 2026

Rasan Overweight

8313.SE, RASAN AB

Share price weakness on competitive concerns Price (09 Jul 26):SRls135.00

provides an attractive entry point Price Target (Dec-27):SRls175.00

Rasan shares came under pressure today (-10%) on competitive concerns CEEMEA Consumer

ACfollowing the integration of one of its competitors Shory with the Tawakkalna Elena Jouronova, CFA

government super app. Given Tawakkalna’s role as a centralized government super (971) 4561-2010

app with broad consumer reach, the listing provides Shory with a high-visibility elena.jouronova@jpmorgan.com

distribution channel that could accelerate customer acquisition in Saudi Arabia’s Nishchay Mehta

retail motor segment, Rasan’s core market. We estimate the implied share price (971) 4561-2001

move prices in a 150bps reduction in commission rates across both TPL and nishchay.mehta@jpmchase.com

J.P. Morgan Securities plc

comprehensive motor retail, which we view as excessive given the limited traction

Shory has demonstrated to date. While commission and market share erosion from

competition remains a key risk for platform businesses, we believe Rasan’s

competitive moat, anchored by a broader insurer panel, proprietary data

infrastructure, and an established platform with 10mn+ users, is sufficiently robust

to withstand this pressure and protect profitability. Read-across from comparable

situations, such as share price weakness in Allegro (Poland) following competitive

entry, has historically proven to be a good entry point for long-term investors.

• About Shory. Shory is an UAE-based insurance aggregator founded in 2021