摩根士丹利发布研报称，已更新时代天使(06699)风险回报预测，原因是根据其今年上半年业绩，将其 2025至2027年收入预测分别上调6.9%、9.3%及10.6%，以符合管理层设定的中国市场25万宗及海外市场 24万至25万宗案例量目标。该行基于现金流折现率(DCF)估算的目标价从65港元上调至74港元，评 级"与大市同步"。大摩预计2025年净利润预测基本保持不变，但2026年及2027年净利润分别上调6.3%及 11%，反映海外市场扩张速度快于预期。 ...

Core Viewpoint - Morgan Stanley updates the risk-return forecast for Angelalign, raising revenue projections for 2025, 2026, and 2027 by 6.9%, 9.3%, and 10.6% respectively to align with management's target of 250,000 cases in the Chinese market and 240,000 to 250,000 cases in overseas markets [1] Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 have been increased by 6.9%, 9.3%, and 10.6% respectively [1] Profit Forecasts - Net profit estimates for 2026 and 2027 have been raised by 6.3% and 11% respectively, indicating faster-than-expected expansion in overseas markets [1] Target Price Adjustment - The target price based on discounted cash flow (DCF) has been raised from HKD 65 to HKD 74, maintaining a rating of "in line with the market" [1]