新世界发展：降负债持续进行，销售业绩亮眼-20250306

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.98, representing a potential upside of 30% from the current price of HKD 5.36 [4][6]. Core Insights - The company is actively reducing its debt and has shown impressive sales performance, particularly in the Hong Kong market, where contract sales reached HKD 5.22 billion, a significant recovery from HKD 0.14 billion in the previous year [6]. - The company has a substantial land bank, with 7.23 million square feet of rights in Hong Kong and 2.99 million square meters in mainland China, primarily located in key first and second-tier cities [6]. - The company is set to open two major K11 projects in 2025, which are expected to contribute positively to rental income [6]. - The company has successfully reduced total liabilities by HKD 5.1 billion to HKD 146.4 billion, maintaining a stable net debt ratio of approximately 54.5% [6]. Financial Summary - Revenue is projected to decline from HKD 54.57 billion in 2023 to HKD 35.78 billion in 2024, with a subsequent slight recovery in the following years [3][7]. - The net profit attributable to shareholders is expected to show significant losses, with projections of HKD -19.68 billion in 2024 and HKD -4.16 billion in 2025 [3][7]. - The company’s earnings per share (EPS) is forecasted to drop to HKD -7.82 in 2024, with a gradual improvement to HKD -0.02 by 2027 [3][7]. - The dividend per share (DPS) is expected to decrease significantly, with no dividends projected from 2025 onwards [3][7].