MSN [BUY +33.3%] - Q1 sets tone for a year of solid earnings growth - Update

Contact us for a free consultation: (+84) 2 8888 2 6868

We reiterate our BUY recommendation on MSN as Q1 2016 results point to robust earnings growth this year thanks to Masan Nutri-Science and Techcombank. F&B was the only category that performed below our expectation with Masan Consumer revenue falling 9% Y-o-Y. We reduced our TP by 8% mostly because of a lower valuation for Masan Consumer.
Tags: MSN