We hosted a post-results NDR for NWD on 28 Feb-1 Mar. Managementreiterated its guidance for FY19F DPS growth despite no rise in interim DPS.
Higher contracted sales likely in FY20F due to mega launches, in our view.
The company aims to keep net gearing (36% at end-Dec 2018) stable in nearterm and stated that its upcoming acquisitions would be self-financed.