We believe 2014 will be a turnaround for MSN thanks to the successful launch of consumer products in 2013 and as the tungsten mine is now selling products. We are also impressed with MSN’s pipeline of consumer product launches in 2014 and believe the company will continue to innovate for years to come. We therefore revised our 12mo target price from VND88,000 to VND110,000. OUTPERFORM.