Morgan Stanley: Maintains "overweight" rating on TONGRENTANGCM (03613) with a target price lowered to HKD 12.8

Morgan Stanley released a research report stating that following the announcement of TONGRENTANGCM (03613) first half performance in 2024, due to a decrease in sales, Morgan Stanley has lowered its profit forecast for the years 2024-2030 by 6%-10%. At the same time, the target price and scenario value of the company have decreased by 5%-8%. Specifically, the target price of TONGRENTANGCM has decreased by 5%, from HK$13.5 to HK$12.8, while still maintaining a "buy" rating.