[Morning Morgan: Maintain the "overweight" rating of Kingdee International with a target price of HK$11.4. AI drives ARR growth to accelerate in the third quarter] Morgan Stanley issued a research report stating that it maintains the "overweight" rating of Kingdee International with a target price of HK$11.4. The company's subscription annual recurring revenue (ARR) in the third quarter of 2026 recorded RMB 4.6 billion, a year-on-year increase of 19.3% and a quarter-on-quarter growth of 4.3%. The year-on-year growth rate accelerated from 18.7% in the first quarter and 18.3% in the second quarter. In the third quarter, net new ARR increased by 47% year-on-year. The company attributed the accelerated growth in ARR to increased customer demand for AI-native products such as Lingee.