BVSC reiterates the OUTPERFORM rating for MSN with a target price of VND117,500/share (up 11% from VND106,000/share). We believe the stock will be supported by several catalysts over the next 12 months, including: (i) an impressive projected profit growth of 73%; (ii) a modest PEG of 0.4x, which is highly attractive compared to other large-caps; (iii) balanced profit contributions across business segments – with no subsidiary acting as a burden – shifting market perception regarding MSN’s valuation; and (iv) benefits from foreign capital inflows as the Vietnamese stock market is upgraded to emerging status.

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