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MSN [BUY +27.3%] - F&B dragged Q1 2017, but earnings should improve in H2 2017 - Earnings Flash

MSN’s Q1 2017 revenue and NPAT-MI fell 3% and 6%, respectively, vs Q1 2016 due to weak F&B results. These were expected as inventory rebalancing at distributors hurt F&B revenue. At the same time, cyclical low pig prices reined in pig feed sales, while the mine and bank continued to perform well.