[ET Net News Agency, 26 September 2019] Goldman Sachs lowered its target price for New
World Development (NWD)(00017) to HK$12.1 from HK$12.6 post-results and partly due to
lower market value of NWS Holdings (00659). The research house maintained its "neutral"
rating.
It said NWD's FY2019 results were below expectations.
Goldman sees heightened macro uncertainties and ongoing micro developments as leading
the physical residential market towards a more volatile period ahead. NWD's management
also looked for a single-digit-percentage level residential price decline in coming
months, while they remain hopeful that the sentiment could improve into mid-2020; by then
they would aim to launch their Tai Wai Station Phase 1 for pre-sale.
Goldman revised down its FY2020 and FY2021 underlying profits by 3% and 10% respectively
to reflect the latest estimate for the timing of project completions and lower NWS
Holdings contributions. (KL)
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00017 NEW WORLD DEV
Nominal 
7.860 +0.110 (+1.419%) Others
26/09/2019 17:47
{I-bank focus}Goldman cuts New World Dev (00017) to HK$12.1
| Remark: | Real time quote last updated: 24/04/2024 12:46 |
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