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<Research>BofAS Says NEW WORLD DEV (00017.HK) Risks Persist, Reiterates Underperform Rating
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BofA Securities published a research report viewing that NEW WORLD DEV (00017.HK)'s results for 1HFY2026 ended December 2025 as largely unsurprising, and keeping rating at Underperform on the stock, as it is currently trading at only a 10% discount to BofA Securities' RNAV and offers no dividend. It is believed that the current share price has already factored in market expectations for potential investment by third-party investors. Even if the investment materializes, the broker believed that the potential equity and/or warrant issuance could lead to underestimated dilution risks. The management mentioned that all options in the capital markets would be considered. BofA Securities set a target price of $4.8 for the Group, based on a 60% discount to net asset value, which is 0.5 SD wider than the average discount since 2018, reflecting the uncertainty the Company faces in bank financing channels due to high leverage. AASTOCKS Financial News Website: www.aastocks.com |
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