大摩下调越秀地产目标价7% 维持“增持”评级

Group 1 - Morgan Stanley has lowered the target price for Yuexiu Property (00123.HK) by 7%, from HKD 6.27 to HKD 5.8, while maintaining an "Overweight" rating [1] - The change in profit forecast for Yuexiu Property reflects better-than-expected property sales and a slower-than-expected recovery in gross margin [1] - The recent sale of 65% equity in the Beijing Haidian Gongde Temple project has also influenced the target price adjustment [1] Group 2 - Morgan Stanley has increased the contract sales forecast for Yuexiu Property for 2025 by 4% to RMB 131 billion [1] - However, the gross margin forecasts for 2026 and 2027 have been lowered to 12.7% and 15.6%, respectively, with 2024 estimated at 10.5% [1] - Core profit forecasts for 2025 have been adjusted upward by 0.4%, while forecasts for 2026 and 2027 have been reduced by 2.9% and 10.2% respectively [1]