We trim our target price (TP) for MSN by 0.6% but maintain our BUY rating. Our lower TP is primarily driven by lower valuations of Masan Consumer Holdings (MCH), WinCommerce (WCM) and Phuc Long Heritage (PL) that are derived from aggregate decreases in each business’s EBIT projection for 2022-2024F, which are offset by the positive effect of rolling our TP forward to mid-2023 vs previously YE2022.