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<Research>M Stanley Downgrades CRRC to Equalweight, Elevates TP of TIMES ELECTRIC
Recommend 21 Positive 29 Negative 15 |
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The market's optimism over maintenance growth and equipment upgrades of China's high speed rail segment was largely priced in, Morgan Stanley issued a research report saying. In view of the great growth potential of the emerging business, Morgan Stanley kept rating at Overweight on TIMES ELECTRIC (03898.HK), and elevated its target price for the company's H-shares from $27 to $33. Morgan Stanley lowered its 2024/ 2025 EPS forecasts for CRRC (01766.HK) by 7-11% each to reflect weak new business, and expected its revenue/ net profit to grow by 3%/ 9% each this year. Gross profit margin will improve. Morgan Stanley cut its target price for the Group's H-shares from $4.5 to $4.2, and downgraded rating from Overweight to Equalweight, due to reasonable valuation. Morgan Stanley preferred TIMES ELECTRIC over CRRC. AAStocks Financial News |
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