MSN [BUY +36.2%] - Enhanced focus on consumer retail to drive long-term growth

- We increase our target price (TP) for MSN by 15% and reiterate our BUY rating.

- We believe MSN's diverse consumer businesses are well-positioned for Vietnam’s consumption growth. We project an 18% 2023-28F EBIT CAGR for MSN’s consumer-retail arms.

- Our higher TP is because we increase our valuation for Masan Consumer Holdings Company Limited (MCH Ltd.) by 17% mainly due to our 9%-uplift in our aggregate 2024F-28F EBIT forecasts of its subsidiary Masan Consumer Corporation (UpCOM: MCH). Also, we roll over our TP horizon forward to mid-2025.