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MSN - Historically low pig prices and distributor de-stocking leads management to revise down estimates - Earnings Flash

MSN’s revenue dropped 6% YoY in H1 2017 while NPAT-MI plummeted 56% mainly due to Masan Consumer Holding’s inventory offloading at the distributor level and depressed pig prices, which dampened pig feed sales. While these factors were already in place in Q1 2017, their impact on MSN’s results this year seems more severe than expected. Consequently, MSN is lowering its NPAT-MI guidance for 2017 to VND2.4 trillion-VND2.8 trillion (USD106 million-USD123 million), compared to our forecast of VND2.8