新世界发展：非现金大额拨备，料核心利润不会出现亏损

Investment Rating - The report assigns a "Buy" rating for the company New World Development (17 HK) [2][6]. Core Insights - The company is expected to report a core operating profit of HKD 6.5 billion to HKD 6.9 billion for the fiscal year 2024, representing a year-on-year decline of 18% to 23% due to a lack of revenue recognition from major projects completed in the previous fiscal year [2][5]. - A significant non-cash impairment loss is anticipated, estimated between HKD 8.5 billion to HKD 9.5 billion, primarily related to the revaluation of investment and development properties [2][5]. - The target price has been adjusted down to HKD 10.18, reflecting an 80% discount to the forecasted net asset value, with a potential upside of 49% from the current price of HKD 6.83 [2][6]. Financial Summary - For the fiscal year ending June 30, 2024, the projected revenue is HKD 55.93 billion, a decrease of 41.3% compared to the previous year [5][7]. - The core profit is expected to drop to HKD 1.17 billion, a decline of 80.8% year-on-year [5][7]. - The company anticipates a net loss attributable to shareholders of HKD 19 billion to HKD 20 billion for the fiscal year 2024 [2][5]. - The earnings per share (EPS) for 2024 is projected at HKD 0.47, with a significant downward adjustment of 63.7% from previous forecasts [5][7]. Market Performance - The stock has seen a year-to-date decline of 43.65% and has a market capitalization of approximately HKD 17.19 billion [4][5]. - The stock's 52-week high was HKD 15.65, while the low was HKD 6.83 [4][5].