Bank of America Securities Initiates Coverage on FWD with Buy Rating, Sets HK$43.2 Price Target

Deep News05-07

Bank of America Securities has issued a research report initiating coverage on FWD Group (01828) with a "Buy" rating and a target price of HK$43.2. FWD is a regional life insurance company operating across 10 markets in the Asia-Pacific region, primarily including Hong Kong, Thailand, Japan, and ASEAN countries.

The firm projects that FWD's new business value (VNB) growth will reach 17% to 19% over the next two to three years, surpassing the 10% to 15% growth rate of larger industry peers. Additionally, FWD has begun optimizing its capital and financing structure to enhance profitability.

The stock is currently valued at only 0.6 times the projected 2026 price-to-embedded value (P/EV), representing a 50% discount compared to industry leader AIA Group (01299). The report anticipates that this valuation gap will narrow as a result of FWD's business and earnings growth.

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