大行评级｜大摩：上调九龙仓置业目标价至22.5港元 上调盈利预测

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]