Dah Miao: Cuts Henderson Land Development Co. Ltd. (01044.HK) Target Price to 23 Hong Kong Dollars, Maintains "In Line with Market" Rating.

Zhitong Finance and Economics App learned that Morgan Stanley released a research report stating that Hengan International (01044.HK) should still be driven by its tissue business as the main source of growth, benefiting from sales growth and market share increase. However, due to the pressure brought by online and new retail channels on average selling prices, revenue growth may remain moderate. The firm has lowered the company's target price from HK$24 to HK$23 by 4.2%, reflecting reduced government subsidies and tax refunds. Morgan Stanley believes that the stock valuation is not expensive, and with stable cash generation capabilities, dividend yield should provide support for the stock price. However, if revenue growth does not accelerate significantly or there is no clearer evidence that hygiene products can sustain growth, it is difficult to give a higher valuation multiple, maintaining an investment rating "in line with the market".