- We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. 

- In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024. We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. These positive factors are fully offset by increasing the share count used in our TP calculation by 5% to reflect potential dilution from Bain’s 5% ownership in MSN via convertible dividend preference shares (more details on page 4).

- We increase MSN’s 2024F core NPAT-MI by 16%, due to our 14%-increase in its interest income to reflect H1 2024 results. We keep our core NPAT-MI forecasts for 2025-26 largely unchanged.

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