We update on MSN with OUTPERFORM rating due to our firm belief in a strong growth trajectory for Masan Consumer (MSC), upside catalyst from future M&As in consumption-driven sectors, and upgraded valuation at Nui Phao mine as well as Techcombank driven by improving fundamentals in these assets. We note that our updated valuation has factored in our trimming of 300bps in risk-free rate to 5.5% in accordance with the prevailing bond yield.