MSN [BUY +28.2%] - Targeting to reduce debt load from recent M&A - Update
  • 2020-09-01T17:09:37
  • Company Research
We upgrade MSN from OUTPERFORM to BUY following a 13% share price correction over the last three months. We like MSN’s strong exposure to Vietnam’s consumption growth thanks to its wide-ranging consumer businesses, especially its consumer-retail platform The CrownX (TCX). However, we trim our TP by 1% mainly because of MSN’s acquisition of an additional 12.6% stake in TCX at an implied valuation higher than our fair value estimate. Our TP is cushioned by a 16% increase in our valuation of MCH,