金吾财讯 | 美银发研报指，在市场极低的预期下，新世界发展(00017)截至去年12月底止2025财年上半年业绩表现好过市场所担忧情况。净债务按半年维持在1,600亿元(包括永续债)，现金流在上半财年达至收支平衡。执行能力有所改善，尤其在发展物业业务上显现积极迹象。该行表示，新世界管理层将2025财年的资本支出指引从150亿元下调至130亿元。该行预计全年仍将出现10亿港元的轻微现金流缺口。由于高额利息成本，预计2025至2027财年将连续三年录得基础净亏损。去杠杆化意味着新世界需以低于账面成本的价格出售更多资产，因此维持“跑输大市”评级。目标价3.4港元。
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