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MSN - BUY - MSN scores a big win on new animal feed investments - AGM Note

MSN announced 99.99% acquisition of Masan Nutri-Science (MNS), which holds 70% of Anco and 52% of Proconco, two leading animal feed producers in Vietnam. MNS’s platform produces roughly USD850mn revenue, USD60mn PAT (before MI) and USD35mn NPAT (after MI) in 2014. MNS is targeting USD1bn revenue and NPAT of USD40mn for FY15. The transaction’s valuation is at FY14 EV/NPAT of 8.6x and FY14 PER of 7.7x under our estimates, vs regional peers’ 17.9x and 19.7x respectively.