[ET Net News Agency, 25 September 2020] DBS Group Research lowered its target price for
New World Development (NWD)(00017) to HK$43.35 from HK$44.8 and maintained its "buy"
rating.
Following the sales of its stakes in Telford Plaza II and PopCorn II to MTRC (00066) and
commercial units at Grand Millennium Plaza in Sheung Wan, NWD has sold Eight Kwai Fong in
Happy Valley and a 45% stake in commercial units at Shun Tak Centre in Sheung Wan for
HK$3.6bn in June.
The research house said the divestment of these non-core assets not only augments the
bottom-line earnings but also frees up capital for new investments which offer better
growth prospects. Elsewhere, its listed subsidiary NWS Holdings (00659) has recently
agreed to sell its franchised bus operations, New World First Bus and Citybus, for
HK$3.2bn. (KL)
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Outstanding Qty | % Implied Volatility
23250 JPMTUAN@EC2412A (CALL)
Nominal 
0.395 -0.030 (-7.059%) 25/09/2020 17:50
{I-bank focus}DBS trims New World Dev (00017) to HK$43.35
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