New World Development 0017

[winston]

NEW WORLD DEV(17)

Analysis：

New World Development (17.HK) is a large-scale integrated property developer. Its core business is property development and property investment in Hong Kong and Mainland China.

It also has infrastructure and services, retail, hotel and serviced residences, department store operations, and insurance businesses, focusing on creating an ecosystem, and constantly improving the strategic layout and content construction.

The company's FY6/20 revenue was HK$59 billion, a decrease of approximately 23.1% from FY6/ 19, mainly due to a decrease of approximatel! y HK$19.3 billion in revenue from the property development segment.

During the period, the company's property investment income in Hong Kong rose instead of falling, recording HK$1,440.0 million, an increase of 7.1%.

During the period, the sales amount of the store located in K11 Art Mall and K11 MUSEA Hong Kong increased by 56%, far surpassing the overall performance of Hong Kong retail sales.

Strategy：
Buy-in Price: $42.00, Target Price: $46.30, Cut Loss Price: $39.85

Source: Phillips

[winston]

not vested

NEW WORLD DEV(17)

Analysis：

New World Development (17.HK) is a large-scale integrated property developer.

Its core business is property development and property investment in Hong Kong and Mainland China.

It also has infrastructure and services, retail, hotel and serviced residences, department store operations, and insurance businesses, focusing on creat an ecosystem, and constantly improving the strategic layout and c ontent construction.

The company`s FY6/20 revenue was HK$59 billion, a decrease of approximately 23.1% from FY6/19, mainly due to a decrease of approximately HK$19.3 billion in revenue from the property development segment.

During the period, the company`s property investment income in Hong Kong rose instead of falling, recording HK$1,440.0 million, an increase of 7.1%.

During the period, the sales amount of the store located in K11 Art Mall and K11 MUSEA Hong Kong increased by 56%, far surpassing the overall performance of Hong Kong retail sales.

Strategy：
Buy-in Price: $41.00, Target Price: $46.00, Cut Loss Price: $38.50

Source: Phillips

[winston]

not vested

NEW WORLD DEV(17)

Analysis：

New World Development (17 HK) is a large-scale integrated property developer.

Its core business is property development and property investment in Hong Kong and Mainland China.

It also has infrastructure and services, retail, hotel and serviced residences, department store operations, and insurance businesses, focusing on creating an ecosystem, and constantly improving the strategic layout and content construction.

The company's FY6/20 revenue was HK$59 billion, a decrease of approximately 23.1% from FY6/19, mainly due to a decrease of approximately HK$19.3 billion in revenue from the property development segment.

During the period, the company's property investment income in Hong Kong rose instead of falling, recording HK$1,440.0 million, an increase of 7.1%.

During the period, the sales amount of the store located in K11 Art Mall and K11 MUSEA Hong Kong increased by 56%, far surpassing the overall performance of Hong Kong retail sales.

Strategy：
Buy-in Price: $40.50, Target Price: $46.00, Cut Loss Price: $38.20

Source: Phillips

[winston]

not vested

New World Development (17 HK): Steady climb [BUY, TP HK$39.70]

FY21 underlying earnings grew 6% to HK$6.98bn, in line with our estimate

Final DPS rose 1% to HK$1.50, which was a pleasant surprise

Management guided for a mid-to-high single digit growth in FY22 core earnings

BUY with HK$39.7 TP

Source: DBS

[winston]

not vested

BRIEF-New World Development Posts HY Profit Attributable Of HK$1,209 Million

Feb 23 (Reuters) - New World Development Co Ltd0017.HK:

* HY PROFIT ATTRIBUTABLE HK$1,209 MILLION, DOWN BY 15%
* HY CONSOLIDATED REVENUES OF HK$40,193 MILLION, AN INCREASE OF13% COMPARING TO 1H FY2022
* DECLARED FY2023 INTERIM DIVIDEND OF HK$0.46 PER SHARE

Source: Reuters

[winston]

vested

New World Development (17 HK)
Interim DPS Down by 17.9% yoy; Targeting Lower Net Gearing Without Equity Financing

NWD’s 1HFY23 underlying profit fell 13.8% yoy to HK$3.4b, mainly due to a plunge in
the profit margins of Hong Kong development properties and a rise in interest expense.

1HFY23 DPS decreased 18%yoy to HK$0.46/share.

Management guided lower net gearing ratio in the next 18 months, while reiterating that rights issues and equity financing are not valid options.

Stronger sales and actions to release corporate value may help.

Cut DPS forecast. Maintain BUY. Target price: HK$25.50.

Source: UOBKH

https://research.uobkayhian.com/content ... b21df9f933

[winston]

vested

Looking for a better tomorrow

The decline in NWD’s profit and dividend in 1HFY6/23 is in line with our expectations; we project both to improve in 2HFY23F and FY24F.

Management makes it clear that NWD has no equity fundraising plans and guided for a gradual improvement in net gearing to c.40% by FY24F.

We think the strategic review of NWD’s assets could help unlock huge hidden value.

Reiterate Add, with a higher TP of HK$24.6 (55% discount to NAV).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C8AE5ECDCD

[winston]

not vested

NEW WORLD DEV (00017.HK) Now Cratering 8%+ After Projecting Yearly Loss of Max. $20B

NWD issued a profit warning last Friday, expecting to record a loss attributable to shareholders of the company (including continuing and discontinued operations) ranging from $19 billion to $20 billion for FY24.

The group attributed the loss to lack of revenue recognition of major projects including the Pavilia Farm I & II, revaluation or impairment loss on investment and development properties and goodwill, loss recognised on the Disposal, continuous interest rate hikes experienced during the year, and RMB depreciation.

Related News: M Stanley: CR Longdation's Price of Rumored Potential Buy of NWD's K11 Art Mall Fair

NWD expected it to record a core operating profit from continuing operations in a range of $6.5 billion to $6.9 billion in FY24, diving 18% to 23% YoY.

It was rumoured recently that China Resources Longdation has offered to acquire NWD's K11 Art Mall on Hanoi Road, Tsim Sha Tsui, involving a consideration of $9 billion.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

INSIDE INFORMATION UPDATE ON FY2024 FINANCIAL PERFORMANCE

Group may record core operating profit from continuing operations (the “COP”) in a range of HK$6,500 million to HK$6,900 million, representing a decrease of 18% to 23% as compared to the year ended 30 June 2023 (“FY2023”).

Preliminary findings from the annual independent revaluation of the Group’s investment and development properties including goodwill assessment indicate an one-off non-cash revaluation or impairment loss totalling between HK$8,500 million to HK$9,500 million would be required in FY2024.

The Group expects to record a loss attributable to shareholders of the Company (including continuing and discontinued operations) ranging from HK$19,000 million to HK$20,000 million for FY2024.

https://www1.hkexnews.hk/listedco/listc ... 003082.pdf

[winston]

not vested

<Research>HSBC Global Research Cuts TP of NWD to $6.5; Deleveraging Sees Progress But No Fundamental Turnarounds Yet

2024/07/22

HSBC Global Research commented that more patience would be needed for NEW WORLD DEV (00017.HK).

While the broker saw progress in deleveraging, the company's fundamentals have yet to turn.

NWD's three major shopping centres should start to bring in rental income, but there is still a risk of further downgrades to the forecast.

HSBC expected NWD to complete and start operating three major commercial projects in the next 12 months, including 11 SKIES and Kai Tak Sports Park in Hong Kong and K11 ECOAST in Shenzhen.

Kai Tak Sports Park's pre-occupancy rate of over 70% should help ease some of the pressure on its deleveraging process to spend less on capital and would start to gradually contribute recurring rental income.

The upcoming interest rate cut cycle will also help reduce NWD's interest burden. However, the broker believed that steady property sales and asset disposals are more important to effectively reduce the developer's debt burden.

Related News: M Stanley: CR Longdation's Price of Rumored Potential Buy of NWD's K11 Art Mall Fair

HSBC trimmed its target price of NWD from $8.8 to $6.5 and maintained its Reduce rating.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news