SEHK:17Real Estate
New World Development (SEHK:17): Reassessing Valuation After Major Debt Exchange and Sharp Balance Sheet Deleveraging
New World Development (SEHK:17) has just wrapped up a major debt exchange, issuing about USD 1.36 billion in new bonds and cutting its debt load by nearly 50%, a meaningful shift for equity holders.
See our latest analysis for New World Development.
The sizeable debt cut seems to have given sentiment a lift, with a 1 day share price return of 4.87% helping extend its year to date share price return of 41.07%. However, the 3 year total shareholder return is still deeply negative at 62.10%.
If...