新世界发展：投资物业表现具韧性，维持买入评级

Investment Rating - The report maintains a "Buy" rating for New World Development (17 HK) with a target price of HKD 11.44, indicating a potential upside of 21.9% from the current closing price of HKD 9.39 [1][7]. Core Insights - New World Development reported a core profit decline of 47.5% year-on-year to HKD 1.377 billion, primarily due to a decrease in the number of deliverable projects in Hong Kong. The company's revenue for FY2024 fell by 34% to HKD 35.782 billion [2][6]. - Rental income showed resilience, with K11 and overall rental income increasing by 11.9% and 9.3% year-on-year, respectively. The occupancy rates for K11 MUSEA and K11 Art Mall remained high at 97% and 99% [2][6]. - The company plans to reduce leverage, targeting the disposal of HKD 13 billion in non-core assets by FY2025, which is expected to help save interest costs and restore profitability [2][6]. Financial Summary - For FY2024, total revenue is projected at HKD 35.782 billion, down from HKD 54.566 billion in FY2023, reflecting a year-on-year decline of 34.4% [5][8]. - Core profit is expected to be HKD 1.377 billion for FY2024, a decrease of 47.5% compared to HKD 2.620 billion in FY2023 [5][8]. - The company plans to pay a total dividend of HKD 0.2 per share for FY2024, significantly lower than HKD 0.76 per share in FY2023 [5][8]. Market Performance - The stock has a 52-week high of HKD 14.23 and a low of HKD 6.28, with a market capitalization of HKD 23.631 billion and an average daily trading volume of 49.55 million shares [4][6]. - Year-to-date performance shows a decline of 22.52% [4][6]. Future Projections - Revenue is expected to recover slightly in FY2025 to HKD 42.999 billion, with a projected year-on-year growth of 20.2% [5][8]. - Core earnings per share are forecasted to increase gradually from HKD 0.55 in FY2024 to HKD 0.79 by FY2027 [5][8].