Morgan Stanley downgrades Henderson Land profit forecasts in 01 and 02

As Henderson Land Development (0012) had sold out only 63% of the units it planned to sell this year, Morgan Stanley Asia downgraded the profit forecasts of the company in 2001 and 2002 by 11% and 14% and it also anticipated that the profit of Henderson Land would rebound only in 2003. However, Morgan Stanley pointed out that as the current price of Henderson Land had 16% discount to the net assets value, it still maintained the rating of the company at ˇ§lead the marketˇ¨ and set its target price at HK$48.

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