[ET Net News Agency, 30 December 2025] Morgan Stanley lowered the target price for Trad
Chi Med (00570) to HKD1.5 from HKD1.6 and maintained the "underweight" rating.
The research house said it cuts 2025-30e earnings by 10-14%, factoring in more
impairment charges related to TCM formula granule price cuts. (rc)