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MSN [BUY +33.3%] - Q1 sets tone for a year of solid earnings growth - Update

We reiterate our BUY recommendation on MSN as Q1 2016 results point to robust earnings growth this year thanks to Masan Nutri-Science and Techcombank. F&B was the only category that performed below our expectation with Masan Consumer revenue falling 9% Y-o-Y. We reduced our TP by 8% mostly because of a lower valuation for Masan Consumer.