Core Viewpoint - Morgan Stanley has downgraded the EBITDA forecast for China Civil Aviation Information Network (00696) for the years 2023 to 2027 by 6% to 7% due to slower-than-expected revenue recognition in the SI business, lower processing volumes from foreign airlines, and reduced depreciation and amortization expenses [1] Summary by Categories Financial Performance - The net profit forecast for the company this year remains largely unchanged, supported by significant credit impairment reversals and lower depreciation and amortization [1] - The net profit forecasts for the next two years have been reduced by 1% and 2% respectively [1] Target Price and Ratings - Morgan Stanley has raised the target price for China Civil Aviation Information Network from HKD 9.9 to HKD 10.2, adjusting the assumption for the RMB exchange rate from considering RMB appreciation to a 1.5% appreciation against the HKD [1] - The stock continues to be rated as "Underweight" by Morgan Stanley [1]
大摩：上调中国民航信息网络目标价至10.2港元 评级“减持”