交银国际：升新世界发展目标价至9.7港元 维持“买入”评级

Core Viewpoint - The report from CMB International indicates that New World Development (00017) is expected to achieve a revenue of HKD 27.68 billion and a gross profit of HKD 11.63 billion for the fiscal year 2025, with a core operating profit from continuing operations estimated at HKD 6.02 billion, leading to a target price adjustment to HKD 9.7 and a "Buy" rating maintained [1] Financial Performance - For the fiscal year 2025, the company's revenue is projected at HKD 27.68 billion and gross profit at HKD 11.63 billion [1] - The core operating profit from continuing operations is estimated to be HKD 6.02 billion, with core profit around HKD 500 million [1] Debt Management - Total debt is expected to decrease from approximately HKD 151.6 billion at the end of fiscal year 2024 to about HKD 146 billion, with net debt reducing by approximately HKD 4.5 billion to around HKD 120.1 billion [1] - Short-term debt has significantly decreased to about HKD 6.6 billion [1] - The company successfully completed a loan refinancing of HKD 88.2 billion in June 2025, enhancing financial flexibility [1] Future Outlook - For 2026, the company has proposed "seven debt reduction measures," which include accelerating sales, unlocking agricultural land value, expediting the sale of non-core assets, reducing capital expenditures, and suspending dividends to improve cash flow and reduce debt [1]