According to the news from the WiseNews App, Morgan Stanley released a research report stating that it lowered the target price of Greentown China (03900) from HKD 8.26 to HKD 7.56, a decrease of 8.5%, and maintains a "shareholding" rating. The bank pointed out that although the low-gross-margin project will continue to drag down this year's profit recovery, it still maintains a constructive view on Greentown China's sales in the second half of the year being better than its peers. However, it still lowered its earnings per share forecast for Greentown China in 2024 by 10% and in 2025 and 2026 by 14%, while the reduction in target price mainly reflects the slow sales growth, profit margin decline, and the latest new land purchase.

The bank pointed out that although the low-gross-margin project will continue to drag down this year's profit recovery, it still maintains a constructive view on Greentown China's sales in the second half of the year being better than its peers. However, it still lowered its earnings per share forecast for Greentown China in 2024 by 10% and in 2025 and 2026 by 14%, while the reduction in target price mainly reflects the slow sales growth, profit margin decline, and the latest new land purchase.