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MSN [BUY +22.2%] - Animal feed poised to strengthen MSN’s winning hand - Update

We update MSN with a BUY rating with 22% upside. The target price is curtailed by 8% primarily due to Techcombank (TCB) and hikes to the risk-free rate and our universal risk premium. Three-year core PEG of 0.9 looks appealing. Recurring EPS is poised to elevate on the back of broad-based core business growth and deleveraging. Proceeds from MSN's potential sale of treasury shares (up to 110 million shares) will accelerate the deleveraging process and, hence, bottom-line growth.