MSN - Consumer-retail expansion plan remains ambitious - Analyst Meeting Note

* We attended MSN’s online analyst meeting on February 2, during which management provided more details on the company’s 2022 business performance and its business initiatives in 2023.

* Overall, management believes macroeconomic headwinds and corresponding weak consumer sentiment will continue to impact MSN’s business operations in H1 2023 and expects a potential recovery for its business outlook in H2 2023. Below are our more detailed takeaways.

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