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<Research>JPM Initiates Coverage on FWD (01828.HK) w/ Rating Overweight & TP $50
Recommend 4 Positive 6 Negative 3 |
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JPMorgan published a research report initiating coverage on FWD (01828.HK), with rating at Overweight and a target price of $50, equivalent to a projected FY2027 embedded value of 1.1x. FWD is one of the largest life insurers in the pan-Asia region, with significant regional exposure in Hong Kong, Thailand, and Japan. The broker believed that the Company has a compelling growth story, and expected its new business value to consistently achieve a 10% growth over the next 2 years, with an operating profit CAGR of 16%. JPMorgan forecasted that the new business value for FY2027 will reach US$1.1 billion, comparable to AIA's new business value of US$1.2 billion in 2012. The current share price is at a discount to its reported embedded value, which the broker considered to be inexpensive. AASTOCKS Financial News Website: www.aastocks.com |
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