According to Zhito Finance APP, morgan stanley released a research report stating that it remains bullish on greentown mgmt (09979) which has an roi of over 20%. Given the improvement in the group's industry dynamics, the target price for the stock has been raised by 15.4%, from 3.18 HKD to 3.67 HKD, and the rating has been upgraded from 'in line with the market' to 'shareholding'.

The institution stated that the stock currently has a pe of 5.7 times, and with a dividend payout ratio of 40-50%, it implies a dividend yield of 7-9% for this year and next. Due to favorable risk-return profiles and improved visibility of dividends, the cash recovery risk is reduced. Morgan Stanley believes that greentown mgmt is a potential dual beneficiary of government debt conversion and property market stimulation. With the improvement of cash recovery and a defensive business model offering an roi of over 20% and a dividend yield of 7-9%, morgan stanley believes the risk-return profile is skewed upward.

Looking ahead to 2025, against the backdrop of debt swaps and possible further fiscal stimulation in 2025, morgan stanley expects the group's future cash recovery situation to improve. Morgan Stanley anticipates that the market size for project management will reach 50 billion RMB by 2030, and the penetration rate will continue to increase.