JPMorgan Chase released a research report stating that FWD (01828.HK) +0.200 (+0.654%) Short selling $860.53K; Ratio 19.332% recorded a 9% YoY increase in new business value to USD314 million in 1Q26, well above the banks forecast of USD244 million, achieving growth despite a high base. New business contractual service margin rose 1.2 ppts YoY to 43.5%, while new business contractual service margin increased 8.7 ppts YoY to 78.4%, mainly benefiting from product mix improvement and operating leverage driven by cost control in Hong Kong.The bank noted that although FWDs quarterly disclosure data are limited, after reaching a record high in 1Q last year, the company continued to post growth in 1Q26, which should be viewed as a positive signal. In addition, the stock price has fallen by about 19% year to date, underperforming the HSI, which has risen 2% over the same period. The bank maintained its Overweight rating on FWD with a TP of HKD47. (ec/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.)
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