Core Viewpoint - Morgan Stanley reports that Shiseido's performance in the first half of the year is robust, with the company aiming to become the leading cosmetics group in China and one of the top ten globally [1] Group 1: Company Strategy - The company's strategy is clear, focusing on cosmetics and developing a multi-brand approach that encompasses six major categories while promoting globalization [1] - Morgan Stanley is optimistic about the company's long-term development and has raised its profit forecasts for 2025-2027 [1] Group 2: Market Outlook - The target price for Shiseido is set at 114 HKD, with a maintained "buy" rating [1] - The report suggests that Shiseido is likely to benefit from the growth of the Chinese cosmetics market and the trend towards local brands [1] - The company is expected to further expand its market share due to its multi-brand strategy, research and development capabilities, omnichannel approach, and brand value advantages [1]
摩根大通：维持上美股份“增持”评级 目标价114港元