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<Research>BOCOMI Raises NEW WORLD DEV (00017.HK) TP to $9.7, Maintains Buy Rating
Recommend 6 Positive 18 Negative 6 |
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BOCOMI's research report covered NEW WORLD DEV (00017.HK), which was expected to post a revenue of HK$27.68 billion for 2025, down 23% from 2024's HK$35.78 billion. This decline was attributable to the near completion of construction projects, lower revenue recognition from property development in Mainland China, and the loss of income from sold businesses. The gross profit amounted to HK$11.63 billion, down 10% YoY; excluding impairment provisions, one-off, and other non-cash items, the core operating profit from continuing operations was HK$6.02 billion, down 13% YoY, with the broker estimating core profit at approximately HK$500 million, narrowly below forecast. The broker assumed that interest rates may further subside in the next 12-18 months. This, coupled with an orderly recovery in the Hong Kong real estate market, made the broker raise NWD's target price to HK$9.7 and maintain a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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