Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development for the fiscal years 2025 to 2027 due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The basic earnings forecasts for Kowloon Development have been reduced by 13%, 7%, and 9% for the fiscal years 2025, 2026, and 2027 respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Outlook - The target price for Kowloon Development has been raised from HKD 18.4 to HKD 19, reflecting the company's strong balance sheet but also the challenging operational outlook [1] - The company has been rated "Underweight" due to its unattractive valuation and difficult business environment [1]

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]

Core Viewpoint - Morgan Stanley reports that after three months of low HIBOR (below 1.2%), the one-month HIBOR has risen above 2% this week, which was anticipated. The firm believes HIBOR will likely remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is considered a natural reaction [1] Group 2: Future Outlook - For the upcoming month (until mid-September), the property sector is expected to show resilience due to two main factors: 1) Increased market expectations for new policy support following the policy address on September 17; 2) Anticipated interest rate cuts in the US [1] - Over a 12-month horizon, Morgan Stanley predicts a gradual recovery in the Hong Kong property market, particularly in the residential and retail sectors [1] Group 3: Stock Recommendations - In the retail sector, the firm is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the firm favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

Core Viewpoint - Morgan Stanley reports that after three months of HIBOR being below 1.2%, it has risen above 2% this week, which was anticipated. The bank expects HIBOR to remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is seen as a natural reaction [1] Group 2: Future Outlook - For the upcoming month until mid-September, the property sector is expected to show resilience due to increased market expectations for new policy support from the policy address on September 17 and potential interest rate cuts in the US [1] - Over a 12-month horizon, the Hong Kong property market, particularly residential and retail sectors, is anticipated to gradually recover [1] Group 3: Stock Recommendations - In the retail sector, the bank is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the bank favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

各位非登記股東1 ： 致非登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）及九龍倉置業地產投資有限公司（「本公司」）之 組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公 司通訊」2 ）。 1 「非登記股東」指其股份存放於中央結算及交收系統的人士或公司，而其已透過香港中央結算有限公司不時向本公司發出通知，表示欲收到本公司的公司 通訊（按《上市規則》所界定）。 2 「公司通訊」指本公司的年報╱中期報告書、通告、通函、代表委任表格（包括《上市規則》所界定的任何「公司通訊」）。 3 「可供採取行動的公司通訊」指本公司任何涉及要求股東指示其作為本公司股東擬如何行使其權利或作出選擇之公司通訊。為免出現疑問，股東大會通告 及代表委任表格不被視為可供採取行動的公司通訊。 本公司網站www.wharfreic.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該 等網站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網 站主頁點擊「投資者關係」 ...

各位登記股東： 致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條及九龍倉置業地產投資有限公司（「本公司」）之 組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 本公司網站www.wharfreic.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點 擊「投資者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其 它公司通訊，或亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電子形式發 布可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵地址即表示同意以 電子形式接收可供採取行動的公司通訊和任何其它適用文件。如 閣下未有提供有效的電 ...

Core Viewpoint - Morgan Stanley has raised its earnings per share (EPS) forecasts for Kowloon Development for 2025 to 2027 by 4%, 4%, and 1% respectively, primarily due to lower-than-expected rental declines in retail and office sectors, lower interest cost assumptions, and enhanced deleveraging efforts [1] Group 1 - The forecasted EPS adjustments reflect a more optimistic outlook on rental renewals in the retail and office segments [1] - The lower interest cost assumptions contribute positively to the financial outlook for the company [1] - Enhanced deleveraging efforts indicate a stronger financial position moving forward [1] Group 2 - Morgan Stanley maintains its year-end dividend per share forecast at HKD 0.6, unchanged year-on-year, leading to a total annual dividend of HKD 1.26, which represents a 1.6% year-on-year increase [1] - The target price for Kowloon Development has been raised from HKD 20 to HKD 22.5, while maintaining a "reduce" rating [1]

Core Viewpoint - The China Securities Index for Hong Kong Real Estate has shown significant growth, with a 3.85% increase over the past month, 11.21% over the past three months, and 18.11% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Real Estate is currently at 1690.69 points [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the real estate theme, with a base date of November 14, 2014, set at 3000.0 points [1]. Group 2: Index Holdings - The top ten weighted companies in the index are: - Sun Hung Kai Properties (14.13%) - Beike-W (12.29%) - China Resources Land (11.61%) - Cheung Kong Property (8.01%) - China Overseas Land & Investment (6.29%) - Wharf Real Estate Investment (4.49%) - Sino Land (4.44%) - Henderson Land Development (4.22%) - Longfor Group (2.96%) - China Resources Mixc Lifestyle (2.74%) [1]. Group 3: Market and Industry Composition - The index's holdings are entirely composed of the real estate sector, with 100% representation from the Hong Kong Stock Exchange [2][3]. - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [3].

大摩上调对该公司2025-2027财年每股盈利预测4%、4%和1%，主要反映：1)零售和写字楼租金调幅为 负数的幅度温和过预期;2)利息成本预测降低;3)由于持续减债的努力，负债改善。不过大摩依旧对与香 港零售持谨慎态度，主要原因是消费模式变化、2025年下半年外游增加及失业率上升。谨慎来说，对于 该公司2025财年末期股息预测为0.6港元，同比持平，全年股息为1.26港元，同比增1.6%。 智通财经APP获悉，摩根士丹利发布研报称，上调九龙仓置业(01997)目标价12.5%，从20港元升至22.5 港元，维持"减持"评级。大摩依然等待有意义以及持续的香港零售、办公楼复苏。 （原标题：大摩：上调九龙仓置业(01997)目标价至22.5港元 维持"减持"评级） ...

Group 1 - The core viewpoint of the report indicates that Kowloon Development's (00004) basic profit for the first half of the year increased by 3% to HKD 2.035 billion, exceeding expectations due to reduced impairment losses and lower-than-expected interest and tax expenses [1] - The interim dividend remains unchanged at HKD 0.20 per share [1] - The target price for Kowloon Development has been lowered from HKD 25.1 to HKD 24.9, while the investment rating has been upgraded from "Hold" to "Buy" [1] Group 2 - Kowloon Development's stock price has dropped by 6% over the past month, underperforming the market by 9 percentage points [1] - The current stock price is trading at a 60% discount to the bank's assessed net asset value, slightly higher than the ten-year average of 59% [1] - The company may see improved market sentiment if the upcoming residential projects receive a positive market response [1]