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<Research>UBS: NEW WORLD DEV (00017.HK) Annual Results in Line with Profit Warning Guidance w/ Limited ST Refinancing Pressure
Recommend 12 Positive 13 Negative 17 |
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NEW WORLD DEV (00017.HK)'s FY2024 results ended June were basically in line with expectations, UBS released a research report saying. Loss from continuing operation attributable to shareholders amounted to $11.8 billion, in line with the earlier profit warning announcement. Of which, the impairment loss was about $9.2 billion, while the net gearing ratio rose to 85%. Total net debt was roughly the same as end-2023 at around $160 billion. Management emphasized that there will not be a right issues, and targeted RMB11 billion/ $6 billion for contracted sales in China/ Hong Kong for FY2025 ending June 2025, compared with the completed contracted sales of RMB12.5 billion/ $1.5 billion in FY2024, respectively. Compared to December 2023, UBS believed that NEW WORLD DEV's recent refinancing pressure has improved, with capital resources now amounting to $46.3 billion ($28 billion net cash and $18.3 billion undrawn credit line), which is more than enough to cover the short-term debt of about $41.6 billion. UBS rated NEW WORLD DEV at Neutral, with a target price of $8.5. AAStocks Financial News |
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