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MSN - HOLD - May Santa Come Next Year - Results

We cut our target price from VND106,000 to VND100,000 and maintain our Hold recommendation. Our lower target price is due to (i) 12% downward revision in Techcombank’s FY12E earnings (ii) Lower tungsten prices that reduce the value of Masan Resources and (iii) Slightly lower financial income at Masan Consumer. Masan’s 3QFY12 earnings fell 25% yoy despite sales being up 90%. However, FY13 will be better as MR starts its mining operations, and its consumer business expands.