CK ASSET(HK:01113) 智通财经网·2025-09-03 08:09Group 1 - Morgan Stanley has downgraded the earnings per share (EPS) forecast for Cheung Kong Property Holdings (01113) for 2025 to 2027 by 6%, 8%, and 11% respectively, reflecting the latest half-year performance, property development pre-sale and completion dates, rental and occupancy rate forecasts, and interest cost predictions [1] - The target price for Cheung Kong has been slightly raised by 3%, from HKD 38 to HKD 39, maintaining a "market perform" rating, indicating that the company is defensive with low debt levels and diversified income sources, thus the current valuation is considered reasonable, although short-term catalysts are believed to be limited [1] - Morgan Stanley expects Cheung Kong to be supported by stable cash flows from rental and infrastructure income, as well as returns from completed development projects, forecasting a 2% year-on-year increase in dividends per share starting from the fiscal year 2025, implying that approximately 48% of the basic profit will be used for dividends [1]