Daiwa: Upgrades HSBC Holdings (00014.HK) target price to 14.3 Hong Kong dollars, maintains "reduce" rating, cautious attitude towards retail market.

Zhuan Tang Finance APP learned that Morgan Stanley released a research report stating that it has raised its basic earnings per share forecast for Sun Hung Kai Properties (00014.HK) by 1%, 4%, and 7% for the years 2025 to 2027, to reflect factors such as better-than-expected performance in the first half of 2025 and lower interest costs. It maintains a forecast of HK$1 dividend per share for the years 2025 to 2027, compared to HK$1.08 in 2024, as expected cash earnings cannot fully cover dividends; the target price has been raised from HK$12.5 to HK$14.3. The bank still holds a cautious attitude towards the overall retail market in Hong Kong, due to changes in consumption patterns, an expected increase in outbound tourism in the second half of the year, and rising unemployment rates. It maintains a sell rating, as it is still waiting for a substantial and sustainable recovery in the Hong Kong retail market.