MSN [O-PF +16.9%] - KKR invests USD150 million for 7.5% of Masan Nutri-Science - Update
We increase our TP for MSN by 2% on news that private equity firm KKR will acquire 7.5% of Masan Nutri-Science (MNS) via the purchase of primary shares worth USD150 million. However, we lower our rating from BUY to OUTPERFORM as MSN has rallied 13.5% since our last report. KKR will also buy secondary MSN shares worth USD100 million from PENM Partners. MSN’s ownership in MNS will subsequently decrease from 89.4% to 82.4%.