Core Viewpoint - Goldman Sachs initiates coverage on FWD Group (01828) with a "Buy" rating and a target price of HKD 44, forecasting an average embedded value return of 14.3% from 2023 to 2027, a significant improvement compared to a negative 5.4% from 2022 to 2024, driven by operational improvements and economic disparities [1] Group 1: Company Overview - FWD Group operates in 10 markets across Asia, focusing on the rapidly growing Southeast Asian market [1] - The company is positioned favorably for faster embedded value growth compared to regional peers due to its relatively smaller scale [1] Group 2: Financial Performance - Since 2020, FWD Group has experienced negative embedded value growth, impacted by adverse operational trends and market volatility [1] - Following a tightening of operational assumptions for 2023 to 2024, Goldman Sachs believes the company is at a turning point for embedded value growth [1]
高盛：首予富卫集团(01828)“买入”评级 目标价44港元