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<Research>BOCOMI Cuts NEW WORLD DEV (00017.HK) TP to $10.18, Lowers Rev. & Core Profit Forecasts
Recommend 14 Positive 15 Negative 27 |
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BOCOMI highlighted in a report that NEW WORLD DEV (00017.HK) issued a profit warning, expecting 1H24 core operating profit from continuing operations of $6.5 billion to $6.9 billion, a decrease of 18% to 23% from the previous year. Based on the preliminary results of property revaluation (including goodwill valuation), NWD will need to make a one-off non-cash revaluation or impairment loss of $8.5 billion to $9.5 billion, and a one-off non-cash loss of $8.26 billion from the disposal of NWS HOLDINGS (00659.HK) shares. The company expected its attributable loss for FY24 to be around $19 billion to $20 billion. BOCOMI lowered its revenue and core profit forecasts for NWD but still expected the company to not incur losses at the core profit level. The broker lowered its target price to $10.18, equivalent to an 80% discount to its forecasted net asset value, and maintained its Buy rating. Looking to the future, the broker believed that the US Federal Reserve may cut interest rates in September, which will support NWD's share price and the outlook of Hong Kong's property market. AAStocks Financial News |
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