**Industry and Company** * **Industry**: Greater China Technology Hardware * **Company**: BOE Technology (000725.SZ) **Core Views and Arguments** * **TV Panel Prices Rising**: TV panel prices have started to edge up from the second half of December, driven by strong panel pull-in momentum. This is earlier than the base case assumption by 2-3 months. * **Positive Sentiment**: With an upward trend for TV panel prices in the coming couple of quarters, sentiment toward panel stocks should turn more favorable and risk/reward should be skewed more to the upside. * **Overweight Rating**: Morgan Stanley maintains an Overweight rating on BOE Technology with a price target of Rmb5.5 (1.5x 2025 P/B). * **Valuation**: The target multiple of ~1.5x 2025e P/B is considered reasonable vs. BOE's average of 1.3-1.4x P/B since 2015, given the estimated ROE of 5-7% over 2024-25. * **Risks**: Risks to the downside include better-than-expected industry-wide ASP and lower yield in G10.5 fab. Risks to the upside include higher yield in G10.5 fab and faster-than-expected AMOLED ramp. **Other Important Points** * **Relative Rating System**: Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or Underweight. * **Global Stock Ratings Distribution**: As of November 30, 2024, the distribution of stock ratings is 38% Overweight/Buy, 46% Equal-weight/Hold, 16% Underweight/Sell. * **Analyst Stock Ratings**: Overweight (O), Equal-weight (E), Not-Rated (NR), Underweight (U). * **Analyst Industry Views**: Attractive (A), In-Line (I), Cautious (C). * **Stock Price and Price Target**: The stock price as of December 20, 2024, is Rmb4.39, with a price target of Rmb5.50. * **Market Cap**: The current market cap is Rmb167,682.0 million. * **EV**: The current enterprise value is Rmb291,820.2 million. * **Average Daily Trading Value**: The average daily trading value is Rmb1,759 million.

to India's Fashion Market Myntra's CEO Nandita Sinha is helping brands reach millions of India's young, aspirational and trend-conscious consumers with rising income levels. The mid-market fashion e-tailer is doubling down on creating influencer-led content, scaling its premium offerings and encouraging global brands to leverage the country's sourcing capabilities. s. BY ARNIKA THAKUR Brands are pulling out all the stops to capture millions of hyper-connected and trend-conscious Millennial and Gen-Z custome ...