According to the Zhixun Finance app, Morgan Stanley released a research report stating that China Railway's (00390) net income forecasts for the next two years have been raised by 1% and 4% respectively, to CNY 35.7 billion and CNY 38.2 billion. The bank expects the company's revenue growth rate this year to slow down to low single digits year-on-year due to pressure from local government receivables, and estimates that the company's operating cash flow will decline year-on-year; the gross margin is expected to remain stable. The bank raised China Railway's target price from HKD 6.1 to HKD 6.2 and rated it as a "shareholding".