September10,201811:08PMGMTFoodProducersUnboxingGlobalChocolateMORGANSTANLEY&CO.INTERNATIONALPLC+EileenKhoo,CFAEQUITYANALYSTEileen.Khoo@morganstanley.com+44207425-1838ValentinaSponzaRESEARCHASSOCIATEValentina.Sponza@morganstanley.com+44207677-7207+44207425-7922+44207425-8259+44207425-3846Rumoursofthedemiseofchocolateareoverdone.WeRichardTaylorestimate~2%globalgrowth+lowregulatoryrisk,andexpectEQUITYANALYSTRichard.Taylor@morganstanley.comtrendstofavourpremium/specialtyovermass/impulse.WeseeSanathSudarsan,CFAEQUITYANALYSTSanath.Sudarsan@morganstanley.comGrahamHuntRESEARCHASSOCIATEGraham.Hunt@morganstanley.comLindtasarelativewinner;Nestle+Hersheymorechallenge...