China Galaxy Securities: Initiates coverage of MSCI (02556.HK) with a "buy" rating, with a fair value per share of 94.58 Hong Kong dollars to 166.27 Hong Kong dollars.

According to the Zhitong Finance and Economics APP, Galaxy Securities of China released a research report stating that it is expected that Meitu (02556.HK) will achieve operating income of 3.992 billion/5.581 billion/7.649 billion yuan in 2026-2028, with year-on-year growth rates of 41.7%/39.8%/37.1%; achieving net profit attributable to the parent company of 250 million/429 million/766 million yuan, with year-on-year growth rates of 181.5%/71.4%/78.5%. Converting the stock price from Hong Kong dollars to Renminbi, the current stock price corresponds to a PE ratio of 40/23/13 in 2026-2028. Taking into account both absolute valuation and relative valuation, the reasonable range of the company's per share value is 94.58 Hong Kong dollars to 166.27 Hong Kong dollars, corresponding to a market value range of 24.238 billion Hong Kong dollars to 42.610 billion Hong Kong dollars. The report, covering for the first time, gives a "recommendation" rating.