Glonghui, Feb. 21 | Morgan Stanley released a report saying that the core performance of foreign exchange control in the fourth quarter of last year was stable, but Hong Kong's net interest spread weakened, and the final interest rate fell short of expectations. Excluding the core revenue of the Argentine business, which was more than 5% higher than expected, other revenue and the net interest spread in the UK were better to offset the impact of weak net interest spreads in Hong Kong, management reiterated the double-digit guideline for return on tangible equity (ROTE). The bank lowered FOC's earnings forecast for this year and next by 4.3% and 5% respectively, which is still slightly higher than market expectations. The dividend payout ratio remains at a high level, and the repurchase of US$2 billion will be completed by the end of April. The bank maintained an “increase in holdings” rating for FX Control, and the target price remained at HK$79.2.