Following the forecast cuts, BVSC has reduced the target price for MCH to VND146,900. We are keeping our OUTPERFORM rating, citing a potential growth of +37.3%, which corresponds to a 2025 P/E of 22x. MCH is currently trading with a TTM P/E of 15x and a 2025 P/E of 16x. MCH is an impressive FMCG company, led by a dedicated team with a systematic strategy aimed at driving exceptional growth that outpaces the broader industry. The power brands of MCH have proven their sustained competitiveness in a difficult industry environment. In addition, listing on the HSX in 2025–2026 will also likely give MCH greater exposure to domestic and foreign investors.