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Research Report

29/12/2020 14:29

{I-bank focus}Citi cuts New World Development to HK$47.7

[ET Net News Agency, 29 December 2020] Citi Research cut its target price for New World
Development (NWD) (00017) to HK$47.7 from HK$52 and maintained its "buy" rating.
The research house reiterated NWD as one of Citi's top picks for (1) Being a high beta
stock among HK property names due to its higher gearing, NWD should see a stronger rebound
in NAV/earnings with HK and China both poised for a COVID recovery; (2) NWD has a strong
IP (investment property) pipeline in the making, targeting mid- to high-teen FY2020-25
rental CAGR; and (3) NWD has set a higher HK$13-15bn non-core disposal target for FY2021,
unlocking NAV discount.
With a commitment to steadily increase DPS versus the current level (HK$2.04/share, Citi
believes investors have higher confidence in NWD's sustainable dividend yield. (KL)

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