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MSN [BUY +45.6%] - Positive momentum continues in Q3 2016 - Update

We reiterate our BUY rating despite trimming our TP by 5.3% as we exclude Singha’s remaining investment of USD450 million from our valuation. TP would have stayed the same otherwise. Nutri-Science (revenue +18% in 9M 2016, +15% in FY17F) leads growth with margin expansion. Techcombank emerges as a key profit driver with NPAT +78% in FY16F and +37% in FY17F. Amid slowing categories, we forecast single-digit growth for Masan Consumer in FY16F & FY17F.