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MSN - BUY - Strong base for future growth - Update

While 1H results were as-per expectations, the recent introduction of several new consumer brands is likely to boost growth going forward. Added to increased visibility on the tungsten mine’s cash flow, reduction of dilutive instruments and recent selling pressure make MSN’s share price look undervalued. Acquisitions of Vinh Hao Mineral Water, Phu Yen Beer and Proconco (animal feed) are also likely to provide long-term growth, but integrating these businesses will take time.