智通财经网·2025-08-14 03:20Core Viewpoint - Morgan Stanley has raised the earnings per share estimates for Swire Properties (01972) for the fiscal years 2025 to 2027 by 11%, 1%, and 2% respectively, reflecting the latest half-year performance and recent progress in capital recovery [1] Group 1: Earnings and Dividends - The full-year dividend forecast for 2025 to 2027 has been increased by 0.2%, indicating a year-on-year growth of 4.7%, 4.5%, and 4.5% during this period [1] - The target price has been raised by 11%, from HKD 18 to HKD 20, while maintaining a "market perform" rating [1] Group 2: Market Conditions - Despite the improvement in the company's operating environment, Morgan Stanley maintains a cautious outlook on the Hong Kong office market due to oversupply and declining demand [1] - Swire Properties' recurring income base from new commercial properties in mainland China, capital recovery measures, and a strong balance sheet are expected to withstand downward pressure [1]