FWD (01828) extended its winning streak with a sixth consecutive session of gains, pushing cumulative advances to nearly 20% as investors increasingly reward the insurer's robust first-half performance. The stock climbed 4.46% to HK$32.80 at the time of writing, with trading turnover of HK$37.87 million, reflecting sustained buying momentum in the session.

The recent rally follows the company's interim results, which revealed new business sales by annualized premium equivalent grew 7% year-on-year to US$1.35 billion. The new business contractual service margin reached US$996 million, up 25% from the prior year, while operating profit after tax rose 20% to US$298 million, demonstrating solid underlying operational progress and margin enhancement.

Analysts at Jefferies responded positively to the earnings, noting that FWD's business growth accelerated in the first half, with improved gross margins and continued operating leverage visibility. The brokerage highlighted that demand from Hong Kong remains resilient despite ongoing macroeconomic volatility, which still poses some headwinds but has not derailed the core business momentum, which has outperformed market expectations.

The research house also pointed to FWD's valuation as increasingly compelling at current levels. As a result, Jefferies raised its price target on the stock from HK$37.40 to HK$40.90, while reiterating a "Buy" rating. The revised target implies further upside potential from the current price, supporting the positive sentiment driving the recent share price performance.