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Analyst Says NEW WORLD DEV Has Enough Assets to Offset Debts w/ Low Default Risk
Recommend 5 Positive 9 Negative 6 |
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NEW WORLD DEV (00017.HK)'s net gearing ratio reached 57.5% as of end-December 2024, up 2.5 ppts from mid-2024. The market expected the net gearing ratio to rise to about 74-88% after taking into account the perpetual debt. In an interview with Hong Kong Economic Journal, Sam Wong, Senior Vice President of Greater China Financials at Jefferies, said that the estimated net gearing ratio of NEW WORLD DEV in consideration of the perpetual debt reached approx. 80%, which is in the range of 70-80%. Wong believed that the Group's existing assets, after taking into account of the book discount and based on a capitalization rate of 5-5.5%, with a total asset value of more than $200 billion, would be sufficient to offset its existing debts of approx. $180 billion to $190 billion. It is believed that the Group and a number of banks have reached an agreement on refinancing, Wong added. AAStocks Financial News |
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