We reiterate our BUY rating and raise our target price (TP) by 17% mainly due to an increase in our margin projections for VCM following its partnership with Phuc Long, an increase in VCSC’s valuation of Techcombank (TCB), and a 50-bp reduction in our house cost of equity to 12.5%. We remain bullish on MSN’s ability to capture Vietnam’s long-term consumption growth on the back of its wide-ranging, leading consumer businesses (FMCG, branded meat and grocery retailing). VCM’s new partnership