MiniMax's stock price has further upside, Morgan Stanley says in a research note. MS believes the market is underestimating MiniMax's near-term annual recurring revenue growth, which the bank thinks is in line with, or even stronger than, peers. This is supported by the company's multimodal capabilities, global exposure and infrastructure advantages. MS sees multiple catalysts over the next two to three months, including product launches, model upgrades, price hikes and the stock's potential addition to the Hang Seng Tech Index. MS raises the target price for MiniMax by 18% to HK$1,100. Shares closed at HK$723.50. (tracy.qu@wsj.com)