[ET Net News Agency, 6 November 2019] CLSA lowered its target price for New World
Development (NWD)(00017) to HK$8.8 from HK$13.6 and downgraded its rating from an
"outperform" to "sell".
The research house said NWD is still in the early stages of building up its investment
property portfolio in Hong Kong and China. And even including its newly-opened Victoria
Dockside, rental income is still far from covering annual dividends.
CLSA cut its 2020-21 earnings forecasts by 7.2%-18.8% to reflect declining rents and
slowing property sales in Hong Kong. While there is market concern over its farmland
donation, CLSA fully supports this decision and sees limited NAV impact. Undoubtedly, NWD
made the move for its own business growth as well as for social responsibility reasons,
the research house noted. (KL)
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00017 NEW WORLD DEV
Nominal 
7.450 -0.120 (-1.585%) Others
06/11/2019 11:12
{I-bank focus}CLSA lowers New World Development to HK$8.8
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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