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    17   HK0000608585

NEW WORLD DEVELOPMENT COMPANY LIMITED

(17)
  Report
Delayed Hong Kong Stock Exchange  -  03:08 2022-11-29 am EST
18.52 HKD   +4.16%
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New World Development : FY2022 Annual Results Presentation (Analyst Briefing)

09/30/2022 | 05:44am EST

FY2022

ANNUAL PRESENTATION

ANALYST BRIEFING

30 September 2022

SUMMARY FINANCIALS

FY2022 FINANCIAL SUMMARY

NWD delivered consistent net profit and underlying profit growth amidst challenging environment

Revenue

On par

68,233

68,213

59,008

FY2020

FY2021

FY2022

Stable

Net profit attributable to shareholders

1,249

1,152

1,096

FY2020

FY2021

FY2022

Sustainable growth

Underlying profit

6,958

7,085

6,589

FY2020

FY2021

FY2022

Sustainable growth

Recurring G&A expenses

Capital resources

Net gearing ratio

↓5% YoY

HKD105.0bn 43.2%

HKD 62.2 bn cash and bankIn line with guidance balances

HKD 42.8 bn undrawn lines

Note: All figures in HKD mm except capital resources and per share data.

1

KEY HIGHLIGHTS

SOLID DP AND IP SEGMENTS AMIDST CHALLENGING ENVIRONMENT

Clear strategy for DP and IP segments enabling satisfactory FY22 segment results

FY22 FINANCIAL HIGHLIGHTS

  • Strong overall DP results margin driven by GBA exposure

Development

Segment results margin

52%

properties

41%

FY2021

FY2022

Resilient contracted sales with strong presence in 1st tier cities

85%

from GBA and YRD

FY2022 YoY growth

17%

Positive YoY growth amidst

tough retail environment

Investment

properties

8%

3%

4%

Overall IP K11

Strong K11 performance

Revenue

Segment results

2

DIVIDEND POLICY

STABLE & PROACTIVE CAPITAL RETURN TO SHAREHOLDERS

Progressive and sustainable dividend since FY2015

Dividend payout (HKD/share)

1.68 1.76 1.84 1.92

2.04 2.04 2.06 2.06

Dividend yield2

1.20

1.24

1.32

1.36

1.48

1.48

1.50

1.50

9.4%

0.48

0.52

0.52

0.56

0.56

0.56

0.56

0.56

FY2015(1)

FY2016(1)

FY2017(1)

FY2018(1)

FY2019(1)

FY2020

FY2021

FY2022

Interim Final

Note:

(1)

Adjusted for 4-to-1 share consolidation

(2)

Dividend yield as of 29th September 2022

3

FUTURE CATALYSTS

NWD WELL POSITIONED TO RIDE ON 4 KEY CATALYSTS

Travel restriction: further relaxations

IP portfolio set to benefit

Dec 2021

Sep 2022

4Q 2022?

Quarantine /

medical

surveillance

21 days

0 + 3 days

K11 MUSEA

11 SKIES

Cherry pick projects + SOE partnership in China

Healthy contracted sales outlook

FY22

FY23

FY24

SZ

GZ

SH

Prince

Hanxi

Putuo

Bay

Northern Metropolis: key government development

Abundant farmland at low cost

~12M

sqft GFA in active

dialogue with

relevant authorities

Continuously enhance corporate structure

Maximize shareholder return

Non core

Potential

corporate

disposal

exercise

Streamline

Further

corporate structure

crystallize

& recycle

value

capital

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

New World Development Co. Ltd. published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2022 09:43:05 UTC.


ę Publicnow 2022
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Financials
Sales 2023 86 146 M 11 019 M 11 019 M
Net income 2023 6 344 M 811 M 811 M
Net Debt 2023 155 B 19 865 M 19 865 M
P/E ratio 2023 7,31x
Yield 2023 11,3%
Capitalization 44 746 M 5 724 M 5 724 M
EV / Sales 2023 2,32x
EV / Sales 2024 2,21x
Nbr of Employees 28 000
Free-Float 54,4%
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Number of Analysts 15
Last Close Price 17,78 HKD
Average target price 25,25 HKD
Spread / Average Target 42,0%
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Managers and Directors
Chi-Kong Cheng Executive Vice Chairman & General Manager
Kar Shun Cheng Chairman & Managing Director
Fu Keung Lau Chief Financial Officer
Cheung-Biu Liang Independent Non-Executive Director
Hau Hay Ho Independent Non-Executive Director