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<Research>CCBI Chops NWD's TP to $7.25 as Mgmt Changes Bring More Uncertainty
Recommend 4 Positive 7 Negative 10 |
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CCBI commented in its research report that NEW WORLD DEV (00017.HK)'s results for the fiscal year ended June 2024 were expectedly disappointing. Management changes have brought more uncertainty, and business restructuring and market recovery are underway. Although NEW WORLD DEV's earnings outlook is bleak, CCBI noted that its financial performance is stabilizing. As the uncertainty brought by management changes remains unresolved, Ma Siu-cheung's appointment as CEO is expected to be transitional, and the unsettled third-generation succession issue may hinder NEW WORLD DEV's operations. Therefore, the broker viewed the impact of current management changes on any re-rating of NEW WORLD DEV as neutral to negative. CCBI cut its FY25-FY26 earnings forecast for NEW WORLD DEV by 20-34% and its TP from $8.75 to $7.25, while maintaining the Underperform rating. AAStocks Financial News |
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