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大摩:降恒基地产(00012)盈测 目标价下调至30港元
智通财经网·2025-08-26 05:55

Core Viewpoint - Morgan Stanley has downgraded the target price for Henderson Land Development (00012) from HKD 31 to HKD 30, citing a discount of approximately 50% to the net asset value per share, while anticipating a potential bottoming out of Hong Kong property prices [1] Group 1: Market Outlook - Morgan Stanley expects Hong Kong residential property prices to remain flat this year, while office and shopping mall rents may decline by 5% year-on-year [1] Group 2: Earnings Forecast - The earnings per share forecast for Henderson Land Development for the fiscal years 2025 to 2027 has been reduced by 8% to reflect underwhelming mid-term performance, the latest pre-sale status of property development projects, rental income expectations, and the progress of land reclamation [1] Group 3: Dividend Expectations - Despite the earnings downgrade, Morgan Stanley maintains the dividend forecast for fiscal years 2025 to 2027 at HKD 1.8 per share, expecting stable rental income, dividends from Hong Kong and China Gas (00003), accelerated land reclamation, improved residential sales in the second half, and support from major shareholders [1]