Credit Suisse raised its target price for New World Development (NWD)(00017) to HK$12.2 from HK$10.8, and maintained its "outperform" rating.
The research house said NWD's China re-focus strategy is bearing fruit. Its recent project acquisition and land use conversion in Cheung Sha Wan will provide total GFA of over 1mn sqft, with estimated completion in 2021-22, which should significantly relieve the concern about earnings sustainability. CS estimated these projects will generate a margin of 19-28%.
CS revised its EPS estimates to reflect the dividend scrip and faster-than-expected sale.
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