Goldman cut its earnings per share estimates for New World Dev (0017) by 12 perc

Goldman Sachs cut its earnings per share estimates for New World Development (0017) by 12 percent to HK$1.25 for fiscal 2002, and 20 percent to 57 HK cents for fiscal 2003. The value destruction in NWD will probably continue; Goldman maintained its Market Underperformer rating on the stock despite the 50 percent fall in its share price since March, said analyst Karen Tang.

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