MSN [MARKET PERFORM +5.1%] - Ready for emphatic bounce-back - Update

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We update on MSN with a MARKET PERFORM rating, upside of 5.1%. Normalized NPAT-MI slid 22% YoY in 2017 due to distributor de-stocking in F&B and slumping pig feed sales. Reported NPAT-MI rose 11% on a one-off gain from selling Techcombank CBs. We forecast 2018 NPAT-MI to surge 74% YoY on normalized basis and 22% on reported basis, driven by revived F&B growth, stronger metal prices and increased shared profits from associates.
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