[ET Net News Agency, 16 January 2018] Morgan Stanley lifted its target price for New
World Development (NWD)(00017) by 8% to HK$13.5, and maintained its "overweight" rating.
The research house said parts of NWD's earnings it expected in FY2019 are now delayed to
FY2020 mainly due to the company putting Mount Pavilia (Sai Kung) up for tender sale,
which will result in a longer process but should mean a higher selling price.
Morgan said the company also has more farmland reserves and Chinese land bank - and
hence higher "option value" - than peers, through farmland conversion and Chinese land
bank disposal to local developers at high margins.
It expects potential streamlining of operation after privatization of New World China
Land. The company hired a new management team from SHKP (00016) to operate its business in
China. New World Centre redevelopment will soon be completed in FY2018 and will contribute
positive cash flow. (KL)
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00017 NEW WORLD DEV
Nominal 
7.570 0.000 (0.000%) Others
16/01/2018 14:49
[I-bank focus]Morgan lifts New World Dev (00017) to HK$13.5
| Remark: | Real time quote last updated: 19/04/2024 08:47 |
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