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<Research>Citi Raises TP for NEW WORLD DEV to HKD9.6, Reiterates Sell amid Potential Corporate Actions
Recommend 4 Positive 10 Negative 6 |
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NEW WORLD DEV (00017.HK) is committed to refinancing and asset disposal, with corporate actions yet to become certain, Citi said in a research report. Thus, the Sell rating was maintained, and the target price was raised from HKD4.8 to HKD9.6. The broker mentioned that any corporate actions (excluding privatization) may pose equity dilution risks but could benefit credit profile. Regarding market rumors that Blackstone Inc. (BX.US) might take over NWD, Citi noted that the market is excited about any potential corporate or shareholder actions (excluding privatization). The controlling shareholder of Blackstone Inc. (BX.US), Chow Tai Fook Enterprises, might facilitate a change in control through new share issuance, rights issue (at least one-for-one), or direct share sale, which could present downside risks (such as new share issuance or strategic changes). AASTOCKS Financial News Website: www.aastocks.com |
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