大摩：升长实集团目标价至39港元 料派息将会增加

Core Viewpoint - Morgan Stanley has downgraded the earnings per share (EPS) forecast for Cheung Kong Holdings (01113) for 2025 to 2027 by 6%, 8%, and 11% respectively, reflecting the latest half-year performance and projections for property development pre-sales, completion dates, commercial property rental rates, occupancy rates, and interest costs [1] Group 1: Earnings Forecast - The EPS forecast for Cheung Kong Holdings has been reduced by 6%, 8%, and 11% for the years 2025, 2026, and 2027 respectively [1] - The adjustments are based on the latest half-year performance and various projections related to property development and commercial operations [1] Group 2: Target Price and Rating - Morgan Stanley has slightly raised the target price for Cheung Kong Holdings by 3%, from HKD 38 to HKD 39 [1] - The rating remains "in line with the market," indicating a defensive stance due to the company's low debt levels and diversified income sources [1] Group 3: Dividend and Cash Flow - The company is expected to benefit from stable cash flows from rental and infrastructure income, as well as returns from completed development projects [1] - It is anticipated that from the fiscal year 2025, the company's dividend per share will increase by 2% year-on-year, with approximately 48% of the basic profit allocated for dividends [1]