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 and the impact of AI investments on profitability [1] Financial Performance - 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 the current 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] 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] - Temporary impact on demand for AI voice GPT [1] - Consumer loan interest rate caps affecting demand for marketing and analytics as a service [1] - Ongoing effects from fee reductions and the gradual exit of high-yield insurance products [1] Long-term Outlook - Despite short-term pressures, the company's commitment to AI investments is anticipated to enhance its competitive position in the long run [1]
大摩：降百融云-W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