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JPM Keeps Overweight on FWD but Lowers TP to HKD47
2026-03-24 09:48:54
JPMorgan has released a report praising FWD (01828.HK) for its solid results for 2025.

The broker has adjusted its forecasts for FWD. It has lifted the contractual service margin (CSM) forecast, while lowering the free surplus and embedded value-related forecasts to reflect Japan's new solvency framework (ESR). It has also reduced profit margin assumptions for Thai products.

JPMorgan has reiterated an Overweight for FWD but cut its target price from HKD50 to HKD47.
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