Core Viewpoint - Morgan Stanley has downgraded the profit forecast for China Traditional Chinese Medicine (00570) for 2025 to 2030 by 10% to 14%, reflecting increased impairment provisions related to the price reduction of Chinese medicine formula granules [1] - The target price has been reduced from HKD 1.6 to HKD 1.5, maintaining a "Reduce" rating [1] Financial Performance - The company's performance continues to fall short of market expectations, and the quality of earnings has declined [1] - The termination of a highly publicized transaction last year may negatively impact investor perception of the company's governance [1] Market Sentiment - Ongoing selling pressure on the stock is anticipated, as event-driven investors are likely to continue reducing their remaining holdings [1]
大摩：降中国中药目标价至1.5港元 维持“减持”评级