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<Research>UBS Estimates NEW WORLD DEV (00017.HK) Interim Underlying Loss of HKD2.6B; Rating Sell
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After NEW WORLD DEV (00017.HK) unveiled its 1H26 results, UBS issued a research report. It said that, after excluding revaluation gains and deducting perpetual bonds, the group's underlying loss was estimated to hit HKD2.6 billion, which should not be a surprise to the market. Following the recent completion of a debt exchange plan, NWD successfully reduced perpetual bonds and senior debt by HKD8.7 billion and HKD400 million, respectively. UBS noted that, after communicating with investors, concerns about the company's short-term liquidity decreased. However, the pace of internal deleveraging was expected to remain slow, and there is potential risk of equity financing. Nevertheless, the company reiterated that it has no intention to conduct further debt exchanges and has no plans for share placements or rights issues. UBS set a target price of HKD4 for NWD, rating it Sell. AASTOCKS Financial News Website: www.aastocks.com |
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