Ge Long Hui·2025-08-08 04:03Group 1 - Morgan Stanley lowered Cathay Pacific's target price by 11%, from HKD 12.1 to HKD 10.8, with the highest target price reduced from HKD 18.3 to HKD 16.8, and the lowest target price from HKD 7.4 to HKD 6.3, maintaining a "market perform" rating [1] - The forecast for earnings in 2025-2027 was cut by 7%, 5%, and 7% respectively, due to a decline in passenger revenue assumptions and increased capital expenditures [1] - Cathay Pacific is expected to benefit from the recovery in demand in Hong Kong, but the cargo sector faces uncertainties [1] Group 2 - If the demand for routes to Japan and Thailand recovers faster than expected, the outlook could be more optimistic [1] - The outlook for the cargo business will be influenced by the Sino-U.S. trade prospects, and fluctuations in fuel prices are also critical [1] - There is a risk of a decline in the 2025 dividend yield, projected at 7% [1]