Ge Long Hui·2025-09-09 02:16Core Viewpoint - New World Development's fiscal year 2025 core net profit is expected to grow by 0.5%, aligning with expectations, primarily benefiting from strong profits in mainland property development and reduced financial costs, despite weak profits from Hong Kong property development [1] Group 1: Financial Performance - The investment property performance is mixed, with Hong Kong office buildings outperforming the market [1] - The company plans to maintain a dividend payout ratio of 50% [1] Group 2: Future Outlook - The IGC in Hong Kong and ITC in Shanghai are set to be completed and opened in fiscal year 2026, supporting recurring income growth [1] - The target price for New World Development is set at HKD 103, implying a forecast yield of 4% for fiscal year 2026 [1] - Earnings forecasts for fiscal years 2026 and 2027 have been revised down by 9% and 11% respectively due to declining sales profits in Hong Kong [1]