大摩：长实(01113)料香港住宅楼市或已见底 予“与大市同步”评级

Core Viewpoint - Morgan Stanley indicates that the Hong Kong residential market may have bottomed out, maintaining a "market perform" rating for Cheung Kong Property (01113) with a target price of HKD 39 [2] Company Summary - Cheung Kong Property's management believes the Hong Kong residential market has likely reached its lowest point, with the Centaline City Leading Index rising by 3% year-to-date, although pricing power has not yet recovered [2] - The company has limited land reserves and may delay the sale of the Kai Tak "Floral Sea" project, opting to retain more cash on hand [2] - The rental rate for the Cheung Kong Center Phase II is currently close to 30%, and the company is expected to wait for a more favorable price before leasing [2] Industry Summary - The office market in Hong Kong is facing an oversupply issue, which is expected to prolong the recovery period [2] - Luxury retail rental rates are under downward pressure, while retail properties in areas with stable foot traffic are anticipated to perform more steadily [2]