摩根士丹利发表研究报告，将恒地(00012.HK) 2025至2027财年每股盈利预测下调8%，以反映中期业绩逊预期、物业发展项目最新预售情况及完工时间表、投资物业租金收入及出租率最新预期，以及集团收回农地的进展。大摩目前仍维持2025至2027财年股息预测为每股1.8元不变，预期股息分派仍受到稳定租金收入、煤气(00003.HK) 股息收入、农地收回步伐加快、下半年住宅销售改善及来自主要股东的支持。
基于每股资产净值折让约50%，大摩将恒地目标价从31元降至30元，预期香港楼价可能见底，而恒地将是楼价趋稳及市场情绪改善的主要受益者，可能受惠于美联储即将减息。
大摩料香港住宅楼价今年持平，写字楼及商场租金或按年下滑5%。(gc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-25 16:25。)
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