Morgan Stanley published a report updating Sun Hung Kai Properties' risk-return analysis, raising its target price from HK$94 to HK$104, and narrowing the target price discount on net asset value per share from 50% to 45% to reflect recent policy support and the rating “increase”. The bank lowered SHKP's earnings per share forecast for FY2024, FY2025 and FY2026 by 10%, and 15%, respectively, to reflect the slowdown in property sales and profit margins and the increase in interest expenses in Hong Kong. Damo lowered SHKP's dividend payout forecast for the above three fiscal years to HK$3.95, HK$4.45 and HK$4.65, which is equivalent to a dividend payout ratio of 50%. Damo predicts that residential property prices in Hong Kong will rise by 5% in 2024, and office rents are estimated to fall by 5%.