01828 Overview

Financial Performance: FWD reported a 6.9% year-over-year increase in insurance revenue, totaling US$2.911 billion for the year ended December 31, 2025.

Profitability: The company returned to profitability with a net profit of US$104 million, a significant turnaround from a loss of US$78 million in the previous fiscal year.

Earnings Per Share: Basic earnings per share (EPS) were reported at US12.88 cents.

Dividends: No dividend was declared for the fiscal year.

Company Performance: FWD is projected to achieve an 18% CAGR in new business value and contractual service margin during FY26-27, indicating strong growth potential in the industry.

Market Recovery: The recovery of FWD's Thai business, along with high demand in Hong Kong and Japan, is expected to drive significant growth in first-year premium income.

Analyst Rating: DBS has initiated coverage on FWD with a Buy rating and set a target price of HKD50.

Short Selling Data: As of March 10, 2026, FWD has reported short selling of $2.57M with a ratio of 33.604%.

JPMorgan Coverage Initiation: JPMorgan has initiated coverage on FWD (01828.HK) with an Overweight rating and a target price of $50, indicating a projected FY2027 embedded value of 1.1x.

Growth Projections: The broker anticipates a compelling growth story for FWD, expecting a consistent 10% growth in new business value over the next two years and an operating profit CAGR of 16%.

Future Business Value Forecast: JPMorgan forecasts that FWD's new business value will reach US$1.1 billion by FY2027, which is comparable to AIA's new business value of US$1.2 billion in 2012.

Current Share Price Analysis: The current share price is considered inexpensive as it trades at a discount to its reported embedded value, suggesting potential for growth.

Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with ZIJIN GOLD INTL and MINIMAX-WP experiencing significant gains, while others like GUMING and CHERY AUTO faced declines.

Short Selling Data: Short selling activity varied across stocks, with FWD showing a high short selling ratio of 16.999%, while NANSHAN AL INTL had a notably low ratio of 0.135%.

Market Capitalization Insights: The market capitalization at the end of the lock-up periods for these stocks ranges from 21.4 billion to 406.6 billion, indicating varying levels of investor interest and company valuations.

Future Lock-up Dates: Key lock-up expiration dates for these stocks are set between early 2026 and late 2026, which may impact trading strategies and stock performance as these dates approach.

FWD Tower Inauguration: FWD Hong Kong has officially opened the "FWD Tower" at Taikoo Place, Quarry Bay, marking it as the company's new headquarters to support its strategic growth.

Commitment to Hong Kong: Chairman Frederick Ma emphasized the company's long-term commitment to Hong Kong, highlighting its investment in the region and its goal to serve over 34 million customers across Asia.

Stock Performance Overview: Several insurance stocks in Hong Kong experienced declines, with PING AN dropping 2.071% and AIA decreasing by 0.593%, while CHINA LIFE saw a slight increase of 0.381%.

Short Selling Activity: Notable short selling figures were reported, with PING AN having a short selling ratio of 22.857% and CHINA LIFE at 27.436%, indicating significant market speculation against these stocks.

Analyst Ratings: Most companies listed, including PING AN, CHINA LIFE, and AIA, received an "Overweight" rating, suggesting analysts are optimistic about their long-term performance despite current market fluctuations.

Market Sentiment: Goldman Sachs expressed optimism regarding AIA's growth prospects in China and Hong Kong for the current year, highlighting a positive outlook amidst the overall market challenges.