MSN - ADD - Masan AGM note and 1Q2012 update - Update

Company Research

02 May 2012

We attended the AGMs of Masan Consumer and Masan Group last week and came out feeling more convinced about the company meeting our targets for 2012. Masan Consumer is pursuing a transformation from a food-focused business to a broader consumer platform. 2012 growth will be driven by 1) Kokomi, a mass market noodle launched at the end of 2011 2) Vinacafe top-line and bottom line growth as distribution synergies are realized and 3) Launch of new products targeted for 2012.
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