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<Research Report>HSBC Global Research Cuts NEW WORLD DEV (00017.HK) TP to $8.8; NWD Not out of Woods Yet
HSBC Global Research commented in a report that the biggest negative factor in NEW WORLD DEV (00017.HK)'s interim results for the year ended December 2023 was the 57% YoY cut i...
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<Research Report>HSBC Global Research Cuts NEW WORLD DEV (00017.HK) TP to $8.8; NWD Not out of Woods Yet
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HSBC Global Research commented in a report that the biggest negative factor in NEW WORLD DEV (00017.HK)  +0.180 (+2.416%)    Short selling $17.93M; Ratio 34.789%   's interim results for the year ended December 2023 was the 57% YoY cut in interim dividends to $20 cents. The broker expected its share price to react negatively, and investors may be increasingly concerned that it will take longer for NWD to deleverage successfully.

NWD's adjusted net gearing ratio remained high at 81% at the end of December last year, compared with 86% at the end of June last year (assuming perpetual bonds are treated as borrowings). Interim net profit from continuing operations fell 13% YoY to $500 million.

Related NewsJPM Sees Falling Momentum for HK Home Mkt, Keeps Cautious Stance in Short Term
HSBC said it would have a more constructive view of NWD's prospects if the developer could redeploy capital for growth rather than deleveraging. Since NWD is not yet out of the woods, HSBC maintained its Reduce rating and dropped its target price to $8.8 from $9.2.

The broker believed the recent real estate policy should help improve NWD's sales performance. The revival of property sales will be an effective way to improve cash flow, but the profitability of new projects may be low due to high land costs. On the retail front, rental income from its investment properties increased by 12% YoY to $2.7 billion due to the strong performance of K11 MUSEA and K11 Art Mall.

Despite the weak market, NWD's contracted sales in the Mainland remained resilient, achieving over RMB7.6 billion in 1FH24, accounting for about 51% of its FY24 sales target.

Related NewsM Stanley: CKA's Sale of Blue Coast at Loss May Imply Big Profit Drop for Developers w/ More Inventories; Prefers SHKP & SINO LAND
HSBC lowered its earnings forecast on NWD for FY24-FY26 by 8.6%-9.1% to reflect higher finance costs and other factors. The DPS forecast for the same period has been axed by 47.4% to 83%. The net asset value (NAV) estimate was lowered by 4.2% to $35.6 per share, mainly due to the increase in net debt offsetting the slightly higher valuation of assets from the retail and hotel businesses.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-19 16:25.)

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