大行评级丨大摩：预期长实2025财年基本利润按年跌4%，维持目标价为47港元

Group 1 - The core point of the article is that Morgan Stanley reported that Cheung Kong Infrastructure, Power Assets Holdings, and Cheung Kong Property announced the sale of their entire stake in UK Power Networks to the French utility company Engie for approximately £10.548 billion (around HK$110.754 billion) [1] - The enterprise value of the transaction is estimated at £16.838 billion (approximately HK$176.8 billion) [1] - If the transaction is completed, Cheung Kong Property is expected to gain a profit of HK$8.4 billion, with a net income of HK$22.2 billion, potentially leading to a net cash position [1] Group 2 - Cheung Kong Property stated that the net proceeds will be used for new investment or acquisition opportunities as well as general working capital [1] - Morgan Stanley forecasts that Cheung Kong Property's basic profit for the fiscal year 2025 will be HK$13.2 billion, a year-on-year decrease of 4% [1] - The annual dividend per share is expected to be HK$1.77, a year-on-year increase of 2%, with a payout ratio of 47% [1] - Morgan Stanley maintains a target price of HK$47 for Cheung Kong Property, with a rating of "Overweight" [1]