Morgan Stanley maintained the same ratings as Taikoo (00019.HK) and the market, and the target price dropped to 86 yuan. The bank pointed out that Taikoo has a number of high-quality businesses and continues to be optimistic about its performance. However, with oil prices continuing to be low, the marine service business remains sluggish in the short term, and the aviation industry is also weaker than expected. The Group's current price is 14% discounted from net asset value. The valuation is reasonable. The 2015 dividend yield is expected to reach an attractive level of 4.5%. The bank expects that revenue for the full year of 2015 will remain flat year on year, with adjusted basic profit falling 1% to 9.32 billion yuan. The two fell 5% and 2% respectively in the second half of the fiscal year. Mainly due to continued low oil prices dragging down the performance of the marine services business, it is expected to record a loss of 1 billion yuan last year.

The bank said that the group's eight Aoxuan units, located in the mountaintop district, earned 3.4 billion yuan, and estimated profit reached 2.1 billion yuan. Although the adjusted basic profit did not take into account the relevant income, it could only help reduce the debt ratio. Also, due to the high occupancy rate of office buildings in Central and (Yuze) Yuchung, demand has recovered, and rents at Pacific Place have also risen. As for the beverage business, there were strong performances in Hong Kong, Taiwan and the US.

On the Cathay Pacific (00293.HK) side, due to the shift in passenger mix, the performance of the second half of the fiscal year was worse than the first half, and yields and profits were under pressure; demand for freight is still weak, and the problem of overcapacity in the industry has not been solved; it is expected that the continued strength of the US dollar will have a negative impact on profits.