Furui: First gives NWS Holdings (00659) a "buy" rating, with a target price of 11 Hong Kong dollars.

Furui released a research report stating that after years of restructuring, NWS HOLDINGS (00659) now regards insurance, roads, logistics, construction, and facility management as its core pillars. After separating from NEW WORLD DEV, the newly created entity has greater autonomy and financial flexibility. It is recommended to buy with a target price of 11 Hong Kong dollars. The report states that the road business is currently the largest segment within the group, followed by the insurance business. Due to the rapid growth nature of the insurance business, the bank expects that by the 2030 fiscal year, the insurance business will account for half of the group's total attributable operating profit. In addition, the newly created entity announced in the previous performance report that it will be renamed CHOW TAI FOOK, while Futong Insurance has been renamed CHOW TAI FOOK Life earlier, indicating direct support from the parent company and the potential to drive synergies across the entire CHOW TAI FOOK ecosystem.