WHARF REIC(HK:01997) Ge Long Hui·2025-08-20 05:34Core 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]