NEW WORLD DEVELOPMENT(00017.HK):INITIATE AT BUY:RETURNING TO TRIUMPH
汇丰银行(中国)有限公司2017-10-12
We expect NWD to transform itself into a developer with abalanced portfolio of income streams Completion of Victoria Dockside not only strengthens its rentalincome but has other positive implications Initiate Buy with target price of HKD14.20, implying 24% upsideand 4.2% FY18e dividend yield; NWD is our conviction pick