Zhi Tong Cai Jing·2025-09-12 02:41Core Viewpoint - Morgan Stanley has raised the target price for China Merchants Port (00144) by 5.9%, from HKD 17 to HKD 18, while maintaining an "Overweight" rating [1] Summary by Relevant Sections - Target Price Adjustment - The target price for China Merchants Port has been increased to HKD 18, reflecting a 5.9% rise from the previous target of HKD 17 [1] - Performance and Management Guidance - The update is based on the latest performance of China Merchants Port, management guidance, and recent operational trends [1] - Investment Value and Returns - The company continues to offer satisfactory investment value, with expected dividend yields of 5.5-6.2% for 2025-2027 and free cash flow yields of 11-12% [1] - Financial Strength and Defensive Appeal - Strong free cash flow, a disciplined dividend policy, and robust earnings highlight the company's defensive attractiveness [1] - Supportive Factors - A diversified investment portfolio and proactive cost management provide further support for the company's outlook [1]