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MSN - F&B continues to spearhead earnings turnaround - Earnings Flash

MSN’s 9M 2018 results largely reinforce our optimism regarding the company’s medium-term growth prospects, which was built on a sharp rebound in the F&B business (Masan Consumer Holding/MCH) following a restructuring in 2017, elevated selling prices in the mining segment (Masan Resources/MSR) and an increasing profit contribution from Techcombank (TCB).