Morgan Stanley believes WL DELICIOUS will continue to grow in snack channels, driven by konjac and vegetable products, although growth may slow as the company focuses on star products. Despite a decrease in sales forecasts for seasoned flour products, profitability is expected to remain strong due to stable raw material costs and disciplined expenses. The target price has been reduced to reflect a lower valuation multiple, but the Overweight rating is maintained due to the company's strong product innovation and growth potential.
