Daiwa Highlights Improved Risk-Reward for Z.AI, Maintains Buy Rating

Stock News09-17 14:24

Daiwa has released a research report noting that Z.AI (02513) has raised its 2026 expected recurring annual revenue target to US$3 billion, while reiterating a "Buy" rating.

The firm believes that rapidly shifting industry dynamics, including declining token prices and increased scrutiny over long-term economic viability of models, require a more cautious approach to assessing returns. However, with the valuation resetting to approximately 14 times the 2026 expected enterprise value/ARR, the risk-reward profile has notably improved.

Daiwa also mentioned that Z.AI's roughly US$5 billion in funding will be directed toward expanding computing power, removing near-term revenue growth constraints, with no plans for additional equity financing ahead of a potential A-share listing.

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