The Zhitong Finance App learned that Morgan Stanley released a research report stating that the ESR (01821) target price was lowered by 12% from HK$19.9 to HK$17.5 due to lower profit forecasts, etc. Considering the decline in rental income in US dollars and the slowdown in development in the second half of 2023, the 2023-2025 earnings forecast per share was lowered by 14%, 7%, and 11%, respectively, and the rating was “increased.” The reasons include: ESR is expected to benefit from the continuous increase in real estate allocation by institutional investors. As far as the direct and indirect equity value of land and assets is concerned, the optimistic hypothesis is that it continues to grow, and both the basic and pessimistic assumptions suggest that it is declining.