Glonghui, January 22 | Morgan Stanley released a report, slightly raising Haitong Securities's brokerage fee revenue forecast for last year by 3%, estimating interest income by 2%, and lowering investment income by 14%, mainly in anticipation of market declines and fluctuations. The bank said that it raised Haitong Securities's operating expenses forecast for last year, 4% and 3% respectively, mainly because the cost control effect was slower than expected. Overall, the bank said it lowered Haitong Securities' profit forecasts for last year, this year and next year by 14.7%, 7.3% and 7.3% respectively, and lowered its target price from HK$3.52 to HK$3.15. The rating is “reduced holdings”.