Xin Lang Cai Jing·2026-02-23 08:17Group 1 - Morgan Stanley has raised its forecast for Hong Kong property price increase this year from 5%-7% to 10%-15%, with an expectation of an additional 5% increase next year [1][2] - The industry is believed to have entered a new phase, transitioning from "initial recovery" to "expansion" [1][2] - In a positive market environment, valuation standards are shifting from "dividend yield" to "net asset value discount" [1][2] Group 2 - The rating for Sun Hung Kai Properties (00016) has been upgraded to "Overweight," with a target price of HKD 162, reflecting a 20% discount to net asset value based on historical averages during the expansion phase [1][2] - The firm is also optimistic about Cheung Kong Property (00083) and Henderson Land Development (00012), with the former being particularly suitable for yield-seeking investors, while the latter awaits clearer performance and dividend policy [1][2] - The overall target price for the covered industry stocks has been raised by 13% to 49% [1][2]