<div id="readability-page-1"><div><p>Morgan Stanley said in a report that WL DELICIOUS (09985.HK)<span> </span><span> 0.000 (0.000%)  </span> <span> Short selling $1.34M; Ratio 13.485%  </span>  should continue to see growth in snack channels, but as the base rises, its focus on star products may limit further shelf expansion. Konjac and vegetable products remain the key growth drivers, but growth is expected to slow, while seasoned flour products may remain broadly flat. Benefiting from stable raw material costs and strict administrative and selling expense discipline, profitability should remain resilient despite higher advertising and promotion expenses. Overall, after a strong 2025, earnings growth should stay solid but decelerate. The broker believes its forecast price-to-earnings ratio of about 11x for 2026 underestimates WL DELICIOUS's strong track record of creating new hit products (spicy strips, konjac) in the snack sector and its above-industry growth.M Stanley lowered its sales forecasts for 2026 and 2027 by 4% and 2%, respectively, to reflect weaker sales of seasoned flour products. Meanwhile, it raised its net profit forecasts for 2026 and 2027 by 4% and 8%, respectively, mainly driven by higher gross margin assumptions and lower operating expense ratio forecasts. The valuation has been rolled forward to 2026, and the target price-to-earnings ratio has been cut from 29x to 15x to align with valuation multiples of China's consumer staples sector. The target price was accordingly reduced from HKD18.3 to HKD11.7, with the Overweight rating maintained. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-09 12:25.)</p></div></div>

09985

COST

<p>Morgan Stanley lowered WL DELICIOUS'starget price to HKD11.7 from HKD18.3, maintaining an Overweight rating. The broker adjusted forecasts for 2026-2027, cutting sales estimates by 4% and 2% due to weaker seasoned flour product sales, while raising net profit forecasts by 4% and 8% based on improved margin and expense assumptions. The valuation multiple was reduced from 29x to 15x to align with the consumer staples sector.</p>

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WL DELICIOUS

Target

Costco Wholesale

Kroger

Morgan Stanley

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M Stanley Cuts WL DELICIOUS  TP to HKD11.7, Maintains Overweight