Core Viewpoint - Morgan Stanley has raised its earnings per share forecasts for Swire Properties for the fiscal years 2025 to 2027 by 11%, 1%, and 2% respectively, reflecting the latest half-year performance and expectations for commercial property leasing and sales [1] Group 1: Earnings and Dividends - The full-year dividend forecast for 2025 to 2027 has been increased by 0.2%, indicating annual growth rates of 4.7%, 4.5%, and 4.5% during this period [1] Group 2: Market Outlook - Morgan Stanley maintains a cautious outlook on the Hong Kong office market due to oversupply and declining demand, which continues to exert negative pressure [1] - Despite the challenging environment, Swire Properties' recurring income from new commercial properties in mainland China, capital recovery measures, and a strong balance sheet are expected to withstand downward pressures [1] Group 3: Price Target and Rating - The target price for Swire Properties has been raised from HKD 18 to HKD 20, while maintaining a "Market Perform" rating [1]

Core Viewpoint - UBS reports that Times Angel (06699) is expected to achieve a net profit of $13.4 million to $14.8 million in the first half of the year, representing a year-on-year growth of 538% to 605%, exceeding market expectations [1] Financial Performance - The significant growth in both local and overseas revenue is anticipated to positively influence investor sentiment [1] - UBS has raised its earnings per share (EPS) forecast for Times Angel by 105% to HKD 1.18, reflecting lower-than-expected operating expenses [1] - Assuming overseas operations reach breakeven by 2027, the EPS forecast for 2027 has been increased by 7% to HKD 2.02 [1] Investment Recommendation - UBS sets a target price of HKD 82 for the stock and reiterates a "Buy" rating [1]