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MSN - HOLD - Firing on all cylinders - Update

We remain bullish on Masan Group and increase our target price to VND123,000 from our previous target of VND97,500. We use an SoTP approach to derive our target price where we valued the Group’s main businesses separately. Our target price provides a 8% upside to the current price. We feel our valuation approach is inherently conservative and has yet to reflect value accretion from M&As that may be in the pipeline.