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MSN - HOLD - Instant Noodles Lead the Way - Update

We maintain our HOLD rating. MSN posted VND849 billion in consolidated net profit (VND1,200/share), equivalent to 30% yoy earnings growth for 1H. Masan Consumer has achieved 35% of our full year earnings target. New product launches was the driver for the strong growth making us optimistic on the company’s ability to take market share. Noodles market share increased from 12% to 25% driven by Kokomi, a mass market product launched in Dec 2011.