Morgan Stanley: Initiates coverage of Innovent Biologics with a "Market Perform" rating and a target price of HKD 95.

On October 13, Jin10 reported that Morgan Stanley published a report, initiating coverage on Innoscience (02577.HK) with a rating of “In Line with Market” and a target price of HKD 95, corresponding to a forecasted price-to-sales ratio of 34 times next year. The bank indicated that Innoscience is a leading manufacturer of gallium nitride power integrated circuits and believes that the company is well-prepared to benefit from secular growth drivers such as artificial intelligence data centers, humanoid Bots, and electric vehicles. However, market competition remains fierce, and the bank believes that the current valuation largely reflects the market's high expectations.