智通财经网·2025-08-20 06:52Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development (00004) for the fiscal years 2025 to 2027 by 13%, 7%, and 9% respectively, due to weak performance in the first half of the year and challenging market conditions [1] Group 1 - The latest predictions for retail and office rental rates, occupancy rates, and interest rates have influenced the downgrade of earnings forecasts [1] - Despite the downgrade, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] - Morgan Stanley has raised the target price for Kowloon Development from HKD 18.4 to HKD 19, while maintaining a "reduce" rating due to challenging operational outlook and unattractive valuation [1]