Morgan Stanley: KNOWLEDGE ATLAS (02513) launches GLM-5.2 with a positive outlook and maintains its "outperform the market" rating.

Macquarie released a research report stating that KNOWLEDGE ATLAS (02513) launching GLM-5.2 will have a positive impact, potentially strengthening the company's pricing ability in subsequent subscription plans, which should continue to drive strong annual recurring revenue growth momentum. The firm maintains its "outperform" rating on KNOWLEDGE ATLAS with a 12-month target price of 1,221.4 Hong Kong dollars. KNOWLEDGE ATLAS has released the GLM-5.2 model and is the first to launch it to all GLM Coding Plan subscription users (Lite/Pro/Max/Team). The model is positioned as the company's most powerful open-source model to date, focusing on long-cycle code writing, intelligent body engineering, and complex system tasks. Independent API access and pricing, as well as open-source weights under MIT license, are planned to be released next week. Although benchmark data has not been announced in the initial release, preliminary community feedback from social media and developer forums has been excellent, indicating that GLM-5.2's performance in coding and long-cycle intelligent tasks can rival that of Claude Opus 4.7.