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NEW WORLD DEV Surges 16%; Broker Cites Mgmt: No Debt Restructuring Talks Underway
Recommend 13 Positive 19 Negative 14 |
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Shares of NEW WORLD DEV (00017.HK) surged in early trading today (3rd), climbing as much as 16.6% to a high of HKD5.62. The stock last stood at HKD5.58, up 15.8%, with a trading volume of 69.3728 million shares and a turnover of HKD370 million. A Citi report highlighted that NWD is prioritizing debt reduction and cash flow improvement while being committed to meeting its debt obligations. The company’s efforts to accelerate property sales, sustain operations, and cut capex bolstered its mid-term cash flow, reducing negative cash flow to HKD200 million. Citi’s report further revealed that NWD’s management confirmed it is neither engaged in nor initiating discussions for a comprehensive debt restructuring. The management also indicated that a decision regarding its perpetual bonds could be made between March and June, with no plans to increase interest rates before June. Additionally, the company intends to continue developing its businesses in both mainland China and Hong Kong concurrently, with the CEO remaining stationed in Hong Kong to oversee operations. AAStocks Financial News |
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