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MSN - BUY - Beverages is the holy grail - Update

Pockets of investor disenchantment at MSN centre on its complexity. Reaching steady state at Nui Phao will quieten this discord but achieving a breakthrough in beverages will re-rate this stock. We take pains to explore these two issues. Meanwhile, we revised our target price by -7% to VND102,000 mostly as selling expenses in consumers are exceeding our previous expectation.