Morgan Stanley has released a research report indicating that Beijing Airport (00694) expects a net loss between 600 million and 760 million yuan for the previous year, significantly exceeding the market's forecasted loss of 216 million yuan. The investment bank estimates that, even after excluding tax impacts, the company's pre-tax loss would still range from 480 million to 560 million yuan, remaining worse than anticipated. Based on these figures, the pre-tax loss for the fourth quarter of last year is projected to be between 170 million and 250 million yuan, representing a year-on-year expansion in losses. Morgan Stanley has set a target price of HK$2.4 for Beijing Airport shares with an "Underweight" rating.