Morgan Stanley has released a research report, lowering the 2024 earnings per share forecast of Nine Dragons (00004.HK) by 10%; 8% downward revisions for the 2025 and 2026 fiscal years, reflecting the downward forecasts for mainland China rents and logistics. Morgan Stanley also expects that Nine Dragons' earnings per share for the fiscal years 2024 to 2026 will remain unchanged at 0.4 yuan.

Morgan Stanley has reduced the target price of Nine Dragons from 19 yuan to 18 yuan, giving a "shareholding" rating. (js/w)

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