Core Viewpoint - Morgan Stanley's report indicates that WH Group's sales and adjusted EBITDA for the first half of the year grew by 8.9% and 4.5% year-on-year, respectively, aligning with market expectations [1] Group 1: Financial Performance - The report suggests that by Q2 2025, sales and operating profit are expected to grow by 12% and 3% year-on-year [1] - The main driver for the positive performance is the optimistic outlook for the Chinese market in the second half of the year and an increase in the interim dividend [1] - For the full year 2025, sales and profit are projected to grow by 3% and 4%, respectively, indicating a decline of 2% in sales and a growth of 3% in profit for the second half of the year [1] Group 2: Stock Performance - WH Group's stock price has increased by 42% year-to-date, outperforming the Hang Seng Index, which rose by 27%, attributed to business recovery and increased dividend payments leading to a 27% valuation re-rating [1] - The forecast for the full year indicates a dividend of 60 Hong Kong cents per share, resulting in a dividend yield of 7.2% [1] - The target price has been raised from HKD 8.8 to HKD 9.6, with a rating of "Overweight" [1]