大摩：升希慎兴业目标价至14.3港元 维持“减持”评级 对零售市场持谨慎态度

Group 1 - Morgan Stanley has raised the earnings per share (EPS) forecasts for Hysan Development (00014) for 2025 to 2027 by 1%, 4%, and 7% respectively, reflecting better-than-expected performance in the first half of 2025 and lower interest costs [1] - The dividend per share forecast for 2025 to 2027 is maintained at HKD 1, compared to HKD 1.08 for 2024, as cash earnings are expected to be insufficient to fully cover the dividends [1] - The target price has been increased from HKD 12.5 to HKD 14.3 [1] Group 2 - The overall retail market in Hong Kong is viewed with caution due to changes in consumer behavior, expected increase in outbound tourism in the second half of the year, and rising unemployment rates [1] - A "reduce" rating is maintained as the market is still waiting for a substantial and sustainable recovery in Hong Kong's retail sector [1]