金吾财讯 | 交银国际发研报指，新世界发展(00017)2025上半财年收入同比下降1.6%至167.9亿港元，符合预期。但受毛利率下降影响，毛利同比下降约8%至66.8亿港元。扣除减值拨备、一次性及其他非现金影响，来自持续经营业务之核心盈利同比下降17.6%至44.2亿港元，中期不派股息。该行指，新管理层有望提高运营效率。上半财年完成应占销售额约 52亿港元，加上近期皇都STATE PAVILIA 的销售，该行估计总销售已达85亿港元（占2025 财年指引77%）。内地则实现了75亿元人民币的合约销售额，同时把内地全年销售目标从110 亿元人民币上调至140亿元人民币。 降负债为未来重点：公司上半财年短期负债环比降低51亿港元，净负债大致持平。展望2025年，公司将会持续透过加快销售、释放农价值、加快出售非核心资产、降低资本开支及暂停派息，以加快现金流回正及降低负债。该行相信公司约0.07倍的市净率（同行平均0.3-0.4倍）已充分反映市场对其负债之担忧，并可能在近期政府放宽楼市措施下获得重估。基于资产净值估算85%折让，目标价由11.44港元下调至6.94港元，维持买入评级。
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