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<Research>CLSA Upgrades NEW WORLD DEV (00017.HK) to Underperform, Trims TP to $8.8
Recommend 7 Positive 11 Negative 9 |
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NEW WORLD DEV (00017.HK) has made good progress in debt reduction, financing and refinancing, CLSA issued a research report saying. With many of NEW WORLD DEV's prime investment properties in China yet to be pledged as collateral, CLSA believed that the Group could secure some new onshore financing at good terms. Rental in the K11 Musea and K11 Art Mall remained resilient during the Golden Week holiday, and a new Kai Tak project is ready to launch, according to the report. CLSA trimmed its target price from $10.96 to $8.8 on lower dividend, but it saw a lower loan repayment risk for NEW WORLD DEV. Therefore, CLSA upgraded the stock to Underperform from Sell. AAStocks Financial News |
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