SNW(SH:600628) Ge Long Hui·2025-10-06 06:45Core Viewpoint - New World Development's (0017.HK) fiscal year 2025 performance is overall in line with expectations, with significant sales figures in both Hong Kong and mainland China [1] Financial Performance - In fiscal year 2025, the company achieved contract sales of approximately HKD 11 billion in Hong Kong and RMB 14 billion in mainland China [1] - The sales target for fiscal year 2026 is set at HKD 27 billion, representing a 4% increase compared to the previous year [1] Financial Structure - The group's net debt decreased by approximately HKD 4.5 billion to around HKD 120.1 billion [1] - Short-term debt has been reduced to approximately HKD 6.6 billion [1] - The company completed a refinancing of HKD 88.2 billion in loans by June 2025, enhancing its financial stability [1] Valuation and Market Outlook - The current price-to-book ratio of approximately 0.13 reflects market concerns regarding the company's debt levels [1] - With a potential easing of interest rates and a gradual recovery in the real estate sector, the company's valuation may be subject to re-evaluation [1] - Based on an 80% discount to net asset value valuation method, the target price has been raised to HKD 9.7, maintaining a "Buy" rating [1]