希慎兴业：升目标价至21港元，评级“与大市同步”-20260306

Investment Rating - The report assigns a rating of "In Line with the Market" for Hysan Development (00014) [1] Core Insights - Morgan Stanley has raised the earnings per share (EPS) forecasts for Hysan Development by 7% and 1% for the next two years, respectively [1] - The target price for Hysan has been increased from HKD 19 to HKD 21, reflecting adjustments in dividend forecasts due to rising rental income from retail properties and cash recovery from asset sales [1] - The forecast for annual dividends from 2026 to 2028 has been adjusted to HKD 1.08 per share, assuming a stable payout ratio [1] Financial Metrics - Hysan's net debt ratio remains relatively high compared to peers, which is a concern for short-term cash flow coverage for dividend payments after capital expenditures at Lee Garden Eight and perpetual securities distributions [1]