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RTNominal up37.200 +0.200 (+0.541%)

02/07/2020 16:31

{I-bank focus}HSBC ups New World Development to HK$12.8

[ET Net News Agency, 2 July 2020] HSBC Global Research raised its target price for New
World Development (NWD)(00017) to HK$12.8 from HK$12.7 and maintained its "buy" rating.
The research house said NWD has been accelerating its pace of expansion in both Hong
Kong and the Greater Bay Area, in particular Guangzhou and Shenzhen. This dual strategy
should help NWD deliver sustainable growth in the next few years.
HSBC added that NWD successfully secured five urban redevelopment projects in these two
tier-1 cities, which could offer the company a good investment return. In Hong Kong, its
successful redevelopment of the Victoria Dockside project should enable NWD to enjoy a
stronger financial position and cash flow from rental income to fuel its acquisitions.
It expects NWD to be one of the few companies that can deliver rental growth among peers
due to its solid project pipeline, offering investors certainty around its dividend
distribution. (KL)

Remark: Real time quote last updated: 25/09/2020 17:59
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