According to the latest data from the Hong Kong Stock Exchange, on February 20, shareholders of FWD (01828) deposited shares with The Hongkong and Shanghai Banking Corporation Limited. The deposited shares have a market value of HK$2.731 billion, representing 5.64% of the company's issued share capital.

JP Morgan recently initiated coverage on FWD with an "Overweight" rating and a target price of HK$50. This target price implies a valuation of approximately 1.1 times the projected embedded value for the 2027 fiscal year. The firm forecasts that FWD's new business value will reach US$1.1 billion by FY2027, a level comparable to the US$1.2 billion new business value achieved by AIA Group in 2012.

JP Morgan noted that FWD's current share price trades at a discount to its reported embedded value, suggesting the stock is undervalued at present levels.