JP Morgan has maintained its 'underweight' rating on New World China Land after the company reported a 74 per cent growth in net profit to $222 million, and set a target price of $2.83 on the share. Inventory has fallen to 433,000 square metres, with over 70 per cent of this year's completion already sold. Next year the group will complete 12 projects for a combined stock of 1.2 million square metres available for sale. The broker estimates it will take 5 to 10 years to unlock the 54 per cent discount to book value on its core asset - a massive 15 million square-metre land bank. JP Morgan says the near-term outlook remains 'uninspiring' given relatively high land-bank costs and the dilution effect upon earnings following a rights issue in February. As a result, they say the company is not likely to pay out a good dividend in the medium term. The share closed at $2.775 on Friday.