Morgan Stanley has adjusted its core profit forecast for GREENTOWN SER (02869) for the current and next fiscal years, now projecting a 6% year-on-year decline followed by a 3% increase. This revision reflects the company's solid performance last year and continued margin expansion. Benefiting from industry-leading third-party expansion capabilities and an improved project portfolio, the property management services business is expected to achieve high single-digit growth in the coming years. Ongoing improvements in operational efficiency are also anticipated to drive further margin expansion. However, these positive factors may be partially offset by an increase in impairment charges. The firm has raised its target price for GREENTOWN SER from HK$5.54 to HK$5.87 and reaffirmed its "Overweight" rating.
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