大摩指，有传领展计划斥资15亿澳元，向澳洲Australian Prime Property Fund Retail基金收购三个购物中 心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借贷利率3.6%及澳洲央行 现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 摩根士丹利发布研报称，对领展房产基金(00823)给予"增持"评级，预期将受惠于潜在美国减息，并看 好其预测股息回报率达6.2%的吸引水平，相信香港租户销售表现将向好，可为2026财年上半财年业绩 (11月20日公布)提供支持。 ...

智通财经APP获悉，摩根士丹利发布研报称，对领展房产基金(00823)给予"增持"评级，预期将受惠于潜 在美国减息，并看好其预测股息回报率达6.2%的吸引水平，相信香港租户销售表现将向好，可为2026 财年上半财年业绩(11月20日公布)提供支持。 大摩指，有传领展计划斥资15亿澳元，向澳洲Australian Prime Property Fund Retail基金收购三个购物中 心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借贷利率3.6%及澳洲央行 现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 ...

该行维持对其"中性"评级，仍看好其业务利润率具韧性，以及股息回报率可达6%，能部分抵销关税政 策及内需不确定性。考虑到最新关税政策的影响，该行将敏华2026财年净利润预测轻微下调2%，目标 价则由4.6港元上调至5.3港元，以反映流动性改善。 美银证券发表研究报告指，敏华控股9月底止上半财年业绩胜预期，净利润微升0.6%至11.46亿港元，较 该行预期高7%；总收入按年跌3%，主要受到中国市场收入下跌6%的拖累，期内美国及欧洲市场则分别 录0.3%及4%温和增长，毛利率维持40.4%，亦胜预期。 ...

Core Viewpoint - Morgan Stanley's research report indicates that the overall net profit of China's three major telecom operators recorded an approximately 5% year-on-year increase in the first half of this year, primarily supported by cost optimization measures [1] Group 1: Financial Performance - The three major telecom operators' operating expenses, capital expenditures, and depreciation have decreased, contributing to the profit growth [1] - The estimated dividend yield for the H-shares of the three telecom operators remains attractive at 5% to 6%, with China Mobile having the highest yield at 6% [1] Group 2: Cloud Revenue Trends - The year-on-year growth of cloud revenue for the three telecom operators has significantly slowed from an estimated 17% to 35% in 2024 to 5% to 10% in the first half of this year [1] - This slowdown is attributed to the increasing market share of internet companies and a deceleration in the digitalization demands of state-owned enterprises [1] Group 3: Investment Outlook - Morgan Stanley maintains a positive outlook on China Mobile, China Telecom, and China Unicom, giving them an "overweight" rating due to strong dividend returns, profit growth, and potential upside in cloud revenue [1] - China Telecom is highlighted as the preferred stock due to its highest proportion of cloud business and the resilience of its traditional mobile and broadband services [1]

Core Viewpoint - Citigroup's report indicates that Wanwu Cloud will significantly increase its payout ratio to 83% in the first half of the year, supported by improved operating cash flow, net cash of 11 billion, and a recurring business contributing 85% of gross profit [1] Financial Performance - The company is expected to achieve a profit growth of 10% this year due to ample project reserves, active new bidding, and effective cost control [1] - The projected dividend yield is approximately 7.8% [1] Investment Rating - Citigroup maintains a "Buy" rating for Wanwu Cloud, raising the target price from 26.5 HKD to 30 HKD [1]

Group 1 - The core viewpoint of the report indicates that Far East Horizon's net profit for the first half of 2025 is expected to grow by 3.8% year-on-year to 2.16 billion HKD, aligning with market expectations [1] - The financial business of Far East Horizon is showing steady improvement, with the scale of interest-earning assets halting last year's decline and net interest margin slightly expanding to 4.06% [1] - Asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.05% [1] Group 2 - Far East Horizon declared an interim dividend of 0.25 HKD per share, with a payout ratio of approximately 50%, and management anticipates potential for dividend increases [1] - Huatai Securities forecasts a dividend yield of about 7.2% for 2025, maintaining a "buy" rating and raising the target price from 6.4 HKD to 9 HKD [1] - The expected net profit for this year is projected to reach 4.7 billion HKD, with net profit forecasts for 2026 and 2027 adjusted upward by 1.5% and 0.8% to 5.4 billion HKD and 5.5 billion HKD respectively [1]