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MSN [BUY +29.1%] - Earnings growth will likely accelerate in the second half of 2017 - Update

We reiterate our BUY rating for MSN. Stock looks attractive with three-year PEG of 0.8. Q1 2017 revenue and NPAT fell 3% and 6%, respectively, vs Q1 2016. These were as expected as inventory rebalancing at distributors hurt F&B sales, while low pig prices reined in feed sales. F&B sales plunged 28% while feed revenue rose slightly by 3% in Q1 2017 vs Q1 2016.