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00017 NEW WORLD DEV
RTNominal up7.730 +0.510 (+7.064%)
Research Report

03/02/2021 17:33

{I-bank focus}DBS ups New World Development to HK$48.15

[ET Net News Agency, 3 February 2021] DBS Group Research lifted its target price for
New World Development (00017) to HK$48.15 from HK$43.35 and maintained its "buy" rating.
The research house said the stock is trading 55% below DBS's appraised current NAV with
a dividend yield of 5.4% for FY2021. Improving earnings quality led by rental portfolio
expansion warrants a higher stock valuation.
DBS noted an overwhelming response to the launch of The Pavilia Farm in Tai Wai, given
excellent transportation connectivity and surrounding amenities. This enables New World to
exceed its FY2021 sales target of HK$20bn and lock in future development earnings. (KL)

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