BofAS Initiates FWD at Buy with TP HKD43.2, Sees VNB Growth Outpacing Peers
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BofAS has initiated coverage on FWDwith a Buy rating and a target price of HKD43.2. The broker anticipates FWD's Value of New Business (VNB) growth to be 17% to 19% over the next two to three years, surpassing the 10% to 15% growth expected for larger peers. FWD is optimizing its capital structure to boost profitability, and its current valuation is at a 50% discount compared to industry leader AIA. The valuation gap is expected to narrow with business and earnings growth.
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