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FWD Group Holdings Limited
(1828)
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Rating:70Outperform
Price Target:
HK$37.00
▲(10.18% Upside)
Action:Upgraded
Date:09/06/26
Overall score is driven by improving financial performance and a reasonably leveraged balance sheet, but capped by volatile top-line trends (sharp TTM revenue decline) and uneven cash-flow momentum. Technicals are strong with the price above key moving averages and elevated momentum indicators, while valuation is supported by a low P/E.
Positive Factors
Steady Revenue Growth
Sustained revenue expansion indicates continued demand for FWD’s life, health and medical insurance offerings. Growth across multiple Asian markets can support scale, broaden the customer base and provide a durable foundation for future earnings.
Negative Factors
Weaker Cash Generation
Deteriorating cash conversion creates a risk that reported earnings will not translate consistently into internally generated funds. Persistent weakness could constrain capital deployment, reduce flexibility and make insurance-related funding more dependent on external conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Sustained revenue expansion indicates continued demand for FWD’s life, health and medical insurance offerings. Growth across multiple Asian markets can support scale, broaden the customer base and provide a durable foundation for future earnings.
Read all positive factors
FWD Group Holdings Limited (1828) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$43.12B
Dividend YieldN/A
Average Volume (3M)444.84K
Price to Earnings (P/E)5.0
Beta (1Y)0.49
Revenue Growth24.20%
EPS GrowthN/A
CountryHK
Employees7,491
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Life
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,279,622,100
10 Day Avg. Volume753,296
30 Day Avg. Volume444,837
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)0.56
Price to Sales (P/S)0.80
P/FCF Ratio24.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$42.75Price Target Upside27.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
FWD Group Holdings Limited Business Overview & Revenue Model
Company Description
FWD Group Holdings Limited, together with its subsidiaries, provides life insurance products and services. The company operates through Hong Kong & Macau, Thailand & Cambodia, Japan, Emerging Markets, and Corporate and Others segments. It also off...
FWD Group Holdings Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.46B | 4.81B | 3.98B | 3.09B | 2.28B | 88.23B |
| Gross Profit | 13.46B | 4.07B | 3.17B | 2.34B | 74.00M | 81.46B |
| EBITDA | 498.07M | 1.63B | 1.52B | 483.86M | -82.00M | 1.60B |
| Net Income | 1.10B | 166.00M | 24.00M | -716.00M | -219.00M | 1.56B |
Balance Sheet | ||||||
| Total Assets | 64.45B | 62.36B | 53.71B | 52.67B | 50.59B | 496.27B |
| Cash, Cash Equivalents and Short-Term Investments | 39.40B | 38.99B | 33.09B | 31.04B | 32.29B | 2.66B |
| Total Debt | 3.05B | 3.16B | 2.90B | 2.65B | 2.33B | 17.25B |
| Total Liabilities | 58.16B | 55.49B | 46.90B | 45.04B | 42.10B | 52.89B |
| Stockholders Equity | 6.23B | 6.82B | 6.75B | 7.58B | 6.77B | 56.56B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 158.00M | 370.00M | 557.00M | -885.00M | -836.12M |
| Operating Cash Flow | 1.22B | 247.00M | 526.00M | 629.00M | -391.00M | -819.18M |
| Investing Cash Flow | -231.12M | -84.00M | -110.00M | -97.00M | -553.00M | 59.79M |
| Financing Cash Flow | -1.79B | -393.00M | -705.00M | 25.00M | -190.00M | 706.57M |
FWD Group Holdings Limited Technical Analysis
Negative
33.58
Price Trends
42.48
Negative
Market Momentum
-0.72
Negative
40.54
Neutral
45.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1828, the sentiment is Negative. The current price of 33.58 is below the 20-day moving average (MA) of 39.57, below the 50-day MA of 42.48, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of -0.72 indicates Negative momentum. The RSI at 40.54 is Neutral, neither overbought nor oversold. The STOCH value of 45.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1828.
FWD Group Holdings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$77.27B | 2.41 | 33.37% | 5.71% | 18.51% | 293.61% | |
76 Outperform | HK$43.71B | 4.92 | 13.21% | 5.76% | 7.54% | 39.14% | |
72 Outperform | HK$53.74B | 4.43 | 9.50% | 6.36% | 10.91% | 0.92% | |
70 Outperform | HK$43.12B | 4.96 | 6.07% | ― | 24.20% | ― | |
62 Neutral | HK$18.03B | 7.59 | 7.49% | ― | 15.60% | 49.14% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
HK:1828
FWD Group Holdings Limited
33.22
-14.20
-29.95%
HK:6060
ZhongAn Online P & C Insurance Co., Ltd
10.37
-7.93
-43.33%
HK:0966
China Taiping Insurance Holdings Co
21.56
6.19
40.30%
HK:1508
China Reinsurance (Group) Corp. Class H
1.25
-0.23
-15.48%
HK:6963
Sunshine Insurance Group Co. Ltd.
3.80
-0.04
-1.17%
HK:6623
Lufax Holding Ltd Class A
10.90
0.00
0.00%
FWD Group Holdings Limited Corporate Events
FWD Group triples profit and boosts solvency in record first-half 2026
Aug 25, 2026
FWD Group reported record interim results for the six months to 30 June 2026, with net profit after tax tripling to US$172 million and earnings per share reaching US$0.13. Operating profit after tax rose 20 per cent to US$298 million, supported by...
FWD Group Committee to Review 2026 Interim Results and Dividend
Aug 10, 2026
FWD Group Holdings Limited has convened a committee appointed by its board to meet on 25 August 2026, with a mandate to review and approve the interim results for the six months ended 30 June 2026. The committee will also consider whether to decla...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.