[ET Net News Agency, 11 December 2023] HSBC Global Research lowered its target price
for New World Dev (00017) to HKD9.2 from HKD16.7 and gave a rating of "reduce".
The research house estimates that NWD's core profit will fall 48% in FY24e. Its
recurring rental income should contribute close to half its profit by FY26 as its property
sales decline and rental income grows. That should gradually increase its dividend payment
capability. (RC)