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<Research>M Stanley Expects MINIMAX-W (00100.HK) Iteration Pace Accelerating; Rating Overweight
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MINIMAX-W (00100.HK) launched its new generation Agent flagship large model, M2.7, yesterday, demonstrating that the Group's iteration pace is accelerating, as M2.7 was launched within a month after M2.5, Morgan Stanley released a research report saying.

The Company also revealed that, compared to M2.5, M2.7 achieved significant improvements in OpenClaw performance, reaching levels close to Sonnet4.6 in MMClaw benchmark tests.

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Morgan Stanley also believed that the Group is likely to drive further token growth following OpenClaw. Therefore, the broker rated MINIMAX-W at Overweight, with a target price of $990, equivalent to a projected 2027 PS ratio of 56x.
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