Morgan Stanley has raised GREENTOWN SER (02869) target price to HK$5.87, with a rating of "hold".

Morgan Stanley released a research report stating that it has adjusted its core profit forecast for GREENTOWN SER (02869) for the next two years to a year-on-year decrease of 6% and an increase of 3%, to reflect the stable performance last year and the continuous expansion of profit margins; benefiting from the industry-leading third-party expansion capabilities and improvement in project portfolio, property management services are expected to see high single-digit growth in the coming years; operational efficiency continues to improve, driving further increase in profit margins. However, these positive factors may be offset in part by increased impairment charges. The bank has raised its target price for GREENTOWN SER from HK$5.54 to HK$5.87, with a rating of "hold."