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MSN - BUY - Two drivers of MSN - beverages and M&A - Update

FY14 results beat forecast thanks to income from subsidiary divestments. Domestic consumption rebounds, coupled with consolidation of beer and processed meat to propel consumer sales’ 19% growth in FY15 vs FY14. Declining metal prices continue to weigh on Nui Phao (NP). Sitting on USD500mn cash, new M&As remain an upside catalyst to MSN. We maintain target price of VND100,000 per share. BUY