Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed property conglomerate New World Development Company Limited (OTC:NDVLF) (OTCPK:NDVLY) [17:HK]. The current coronavirus outbreak is expected to pose near-term headwinds for the company, but downside for New World Development is limited by the company's capital recycling strategy and its progressive dividend policy. Taking into consideration these various factors, a "Neutral" rating for New World Development is fair.
This is an update of my initiation article published on New World Development on October 22, 2019. New World Development's share price has declined