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.