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MSN - BUY - Growth starts to show - Update

We upgrade our recommendation to BUY (unchanged target price of VND110,000) given that the stock price has pulled back 8% since last update, while MSN reported 1Q results on track with our forecast. Consumer reported 48% growth in sales vs. 1Q2013, driven by growth across all categories and Nui Phao mine started to contribute revenue and cash flows since 1 March.