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MSN [BUY +37.4%] - On the firmest foothold in years - Update

Singha deal accelerates MSN’s consumption-focused re-transformation. After all closings, partnership with Singha will boost MSN’s cash balance to USD1.1b which can be used for operational investments and new M&As. Through this, MSN also gained the access to 160m new consumers in Inland ASEAN. Finally, the deal’s valuation premium created immediate value for MSN. Post-deal corporate structure can be seen in page 8.