Morgan Stanley has issued a research report initiating coverage on INNOSCIENCE (02577) with an "In-Line" rating and a target price of HK$95, representing 34 times the predicted price-to-sales ratio for next year. The firm noted that INNOSCIENCE is a leading gallium nitride (GaN) power integrated circuit manufacturer and believes the company is well-positioned to benefit from secular growth drivers including artificial intelligence data centers, humanoid robots, and electric vehicles. The firm believes that the current valuation largely reflects high market expectations.