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MSN [BUY +20.6%] - Better positioned financially to nurture long-term growth - Update

We update MSN with a BUY rating and 21% upside. It has an attractive three-year PEG of 0.9. Our target price stays unchanged as the recent value-accretive ownership consolidation in the tungsten processing unit offsets the small dilutive impact of a treasury share sale. Masan announced SK Group (SK) of South Korea will buy all its 109.9 million treasury shares (9.5% stake) at VND100,000/share, which will give Masan new capital of USD470mn.