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<Research>M Stanley Rates CATL at Equalweight w/ TP Lifted to HKD655 & Higher Earnings Forecast
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Morgan Stanley has published a research report updating the risk-return forecast for CATL (03750.HK).

Given that CATL's 2025 results exceeded its expectations by 7%, Morgan Stanley has lifted the group's earnings forecasts for 2026 and beyond. More importantly, CATL's net cash position has become stronger than expected thanks to improved capital efficiency.

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Based on the EV/EBITDA method and in light of the RMB appreciation, Morgan Stanley has elevated its target price for CATL by 12% from HKD585 to HKD655, with a rating of Equalweight.
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