According to a research report from Morgan Stanley, TINGYI (00322) reported a 2% year-on-year decline in annual revenue to RMB 79.1 billion, aligning with the firm's and market expectations. Net profit increased by 21% to RMB 4.5 billion, surpassing the bank's forecast by 7% and exceeding market consensus by 5%. The dividend payout ratio reached 100%, as anticipated. Morgan Stanley has set a target price of HKD 12.3 for TINGYI with a "Equal-weight" rating.
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