Morgan Stanley has issued a research report, forecasting that HENDERSON LAND (00012) will announce its results for the first half of 2026 in late August. The report anticipates a 27% year-on-year increase in Henderson Land's underlying profit, supported by the booking of high-margin projects such as the redevelopment project "The Legacy" at Mayfair Terrace in the Mid-Levels West, alongside new rental contributions from the super-grade office tower "The Henderson" in Central. Furthermore, the firm expects the interim dividend per share to remain at HK$0.50, with a full-year dividend per share of HK$1.30, implying a dividend yield of 4.8%. Morgan Stanley maintains its "Overweight" rating on Henderson Land, with an unchanged target price of HK$31.

The report also noted that progress on the agricultural land resumption for Henderson Land is likely to be finalized in the second half of 2026. This development could result in earnings per share significantly exceeding the dividend per share, with the surplus cash potentially being used for deleveraging. Morgan Stanley believes the share price of Henderson Land is poised to outperform the broader market over the next 60 days, assigning a probability of over 80% to this scenario occurring.