【Morgan Stanley Cuts BOSS Zhipin's U.S. Stock Target Price by 6% and Maintains Overweight】Jin Ten Data, November 28 - Morgan Stanley released a report indicating that it has lowered Boss Zhipin (BZ.N)'s cash bill forecasts for 2024-2026 by 4%/7%/9%, and reduced cash bill forecasts for other years by 19-31%. Based on DCF valuation, the target price for the group's U.S. stocks has been reduced by 6%, from $16 to $15. The overweight rating is maintained. Looking ahead to the fourth quarter, Morgan Stanley predicts that Boss Zhipin's adjusted operating profit will reach 648 million RMB, with adjusted net profit at 749 million RMB. For 2024, Morgan Stanley forecasts that the group's cash bill may grow by 14% year-on-year, with total revenue expected to increase by 23% to 7.3 billion RMB. Despite weak performance, the group still maintains its full-year adjusted operating profit guidance of 2.3 billion RMB for 2024. Therefore, Morgan Stanley predicts that the group's adjusted net profit for 2024 will be 2.7 billion RMB; total revenue in 2025 is expected to reach low double digits, and due to limited visibility and its high correlation with the macroeconomic environment, cash bill guidance will no longer be provided. Morgan Stanley expects the group's cash income in 2025 to increase by 11% year-on-year, with total revenue expected to grow by 13%. Thus, the adjusted net profit is forecasted to be 3.2 billion RMB. (Source: Jin Ten Data)