Ge Long Hui·2026-03-24 03:02Core Viewpoint - Morgan Stanley's report indicates that Henderson Land's basic earnings are expected to decline by 38% year-on-year in 2025, which the market should not find surprising. The 30% dividend cut has somewhat alleviated uncertainties [1] Group 1: Earnings and Dividends - Management aims to stabilize dividends by 2026, with earnings projected to rebound by 28% in 2026, and the profit margin for development properties in Hong Kong expected to recover to mid-teens (approximately 13% to 17%) [1] - The firm anticipates that the company's stock price may be pressured following the dividend cut, but suggests investors take advantage of lower prices, forecasting a compound annual growth rate of 19% for earnings from 2025 to 2028 [1] Group 2: Stock Rating and Price Target - The firm maintains an "Overweight" rating on the stock, adjusting the target price from HKD 39 to HKD 35 due to higher uncertainty regarding future interest rate prospects [1]