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MSN [BUY +55.4%] - Organic growth strengthens across businesses in Q2 2016 - Update

We reiterate our BUY recommendation on MSN as Q2 2016 again witnessed elevated profit growth at Masan Nutri-Science and Techcombank while Masan Resources made a great stride in EBITDA thanks to various efficiency initiatives. F&B rebounded in Q2 2016, but that does not change our view of mid-single-digit growth in the long term for this segment. We raised our FY16 NPAT-MI forecast by 23% and our target price for MSN by 2% mostly because of Masan Resources’ better-than-expected margins