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<Research>M Stanley Lists Latest Targets for Base Cases of HSI & HSCEI, Valuation Forecasts (Table)
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Morgan Stanley listed the latest targets for the base cases of the HSI, HSCEI and CSI 300 Index:

Index│Target as of Dec 2025│Top-down 2025E P/E Change (%)│2025E P/E
HSI│24,000│+4%│10.7x
HSCEI│8,600│+3%│9.3x
MSCI China Index│77│+6%│11.6x
CSI 300 Index│4,200│+6%│13.7x
TOPIX│3,000│+8%│14x
MSCI Emerging Markets Index│1,200│+11%│12.5x
MSCI Asia Pacific (xJP) Index│630│+10%│14x

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