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| HSI1 | 24,642.51 | +132.42 | 177.48B |
| HSCEI1 | 8,216.84 | +51.06 | 51.28B |
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2026-09-28 10:46:01 JPM published a report stating that it updated its model for FWD (01828.HK) to reflect strong results in the first half of the year, recent macroeconomic changes and post-results operating trends. The broker maintained its TP at HKD48 and reiterated an Overweight rating. The broker raised its forecasts for new business value (NBV), operating profit after tax (OPAT), contractual service margin and net free surplus generation, reflecting stronger execution capability, although this was partly offset by higher risk-free interest rates and the year-to-date performance of local currencies against the USD. The stock has rebounded significantly since the release of its 1H26 results, rising 17%, while the HSI fell 3%. JPM expected the positive momentum of FWD to remain intact, driven by solid market trends in Hong Kong, diversified offshore business growth with increasing contributions from non-Mainland Chinese Visitors (MCVs), a gradual recovery of Thailand's economy in 2H26, and continued growth momentum in the Japan market amid rising bond yields. The broker forecast FY2027 new business value at USD1.221 billion, up 11% YoY, while operating profit after tax would reach USD761 million, up 19% YoY. (ha/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |