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MSN [BUY +30.3%] - Slowing but solid growth after breakout in FY16 - Update

We reiterate our BUY rating despite trimming our TP by 6.8% as we take into account debt at MNS’s holdco level thanks to greater visibility into its financials. FY17F revenue: 13.4% growth, mainly driven by Masan Nutri-Science and Masan Resources. We project EBIT to advance 7.6% in FY17 amid margin contractions at Masan Nutri-Science. We pencil in 20.0% NPAT growth for Techcombank in FY17 on robust loan and fee growth. Increased stakes in subsidiaries further propel MSN’s bottom line