智通财经网·2026-03-24 02:45Core Viewpoint - Morgan Stanley's report indicates that based on Henderson Land's historical preference for maintaining stable dividends rather than a fixed payout ratio since 2018, it is expected that the future dividends per share will remain unchanged. The report suggests that the company's stock price may come under pressure following a dividend cut, but investors are advised to buy on dips, with a projected annual compound growth rate of 19% for earnings from 2025 to 2028. The target price has been lowered from HKD 39 to HKD 35 due to high uncertainty in the current interest rate outlook [1][1][1] Group 1 - Henderson Land's basic earnings are expected to decline by 38% in 2025, which the market is unlikely to find surprising. The 30% dividend cut has somewhat alleviated uncertainties [1][1] - Management aims to stabilize dividends by 2026, with earnings projected to rebound by 28% in that year. The profit margin for development properties in Hong Kong is expected to recover to at least the mid-teens (approximately 13% to 17%) [1][1] - The report suggests that as long as the macroeconomic environment does not significantly deteriorate, the stated targets should be achievable [1][1]