Morgan Stanley has released a research report adjusting its forecasts for HAITIAN FLAV (03288). The firm has lowered its revenue and profit estimates for the years 2025 to 2027 by 1% and approximately 3%, respectively. The bank revised down its revenue growth forecast for the fourth quarter of last year from high-single digits to mid-single digits, primarily citing macroeconomic slowdown and weak demand from the catering sector. The report anticipates that a gradual macroeconomic recovery and pipeline expansion will support the company in achieving high-single-digit revenue and profit growth in 2026 and 2027. Morgan Stanley indicated a slight reduction in the target price for the company from HK$41 to HK$40, while maintaining an "Overweight" rating.