Damo: Raise the target price of Time Angel (06699) to HK$105 and raise working capital efficiency expectations

The Zhitong Finance App learned that Morgan Stanley released a research report saying that the revenue forecast for the Times Angel (06699) for 2026 to 2028 will be adjusted and adjusted by about 4% each to reflect management's latest guidance on strong sales momentum in the Chinese and overseas markets. The bank expects the overseas business to continue to record profits after adjusted operating margins, although there may be fluctuations. Based on the cash flow discount model, the target price was increased by 11% from HK$95 to HK$105. Damo also included higher litigation costs in 2026 and share award expenses arising from the management's new equity incentive plan, so the 2027-2028 earnings forecast per share was adjusted by +6%/+6% respectively. Furthermore, the bank raised its working capital efficiency forecast, mainly due to the reduction in the number of days receivable from more than 200 days to about 190 days.