Glonghui November 6 | CITIC Securities published a rating report. As one of the few Hong Kong-funded developers located in the mainland and Hong Kong at the same time, New World has some market influence and practical experience in both markets. The company's agricultural land reserves in Hong Kong have high conversion value, and there is good support for the mainland market strategy to focus on core regional sales and decontamination. According to CITIC Securities, as consumption continues to pick up in the two places, the company's K11 series star main product line is expected to contribute to the long-term growth momentum of investment properties. In addition, the company continues to streamline and optimize its business structure around its main real estate business and continuously dispose of non-core assets. Financial leverage is expected to be steadily optimized. Considering that the company's net debt ratio level is still high, and there are still some non-core assets in the statement, more high-quality projects will soon be invested in operations to contribute to performance in the future. CITIC Securities predicts that New World's annual revenue from FY2024 to FY2026 will be $95.8 billion, $98.5 billion, and HK$101.6 billion, respectively, while core net profit will be $11.3 billion, $12.9 billion, and HK$15.1 billion, respectively. The target price of CITIC Securities's first bid to New World is HK$19, and its rating is “buy”.