Core Viewpoint - Morgan Stanley has downgraded the earnings forecast for Bairong Cloud-W (06608) for the next two years, reflecting concerns over short-term revenue uncertainties despite strong performance in the first half of the year [1] Group 1: Earnings Forecast - The earnings per share (EPS) estimates for Bairong Cloud have been reduced from 0.84 and 0.97 RMB to 0.58 and 0.63 RMB for this year and next year, respectively [1] - The target price has been lowered from 13 HKD to 11.5 HKD, and the rating has been changed to "in line with the market" [1] Group 2: Short-term Challenges - Bairong Cloud is expected to face several short-term challenges in the second half of the year, including policy focus on anti-fraud measures leading to reduced telephone line bandwidth [1] - Demand for AI voice GPT is temporarily affected, and the demand for marketing and analytics as a service is impacted by stricter enforcement of consumer loan interest rate caps [1] - Continuous effects from fee reductions and the gradual exit of high-yield insurance products are also anticipated [1] Group 3: Long-term Outlook - The company's commitment to investing in AI may pressure profitability in the short term but is expected to enhance competitiveness in the long run [1]
大摩：降百融云-W(06608)评级至“与大市同步” 短期收入存不确定性 降目标价至11.5港元