- We increase our target price (TP) for MSN by 5% to VND108,000 and reiterate our BUY rating. 

- Our higher TP is primarily driven by rolling our TP horizon to end-2025 (more details on page 4).

- We increase our 2024F NPAT-MI by 11% due to the multiplicative impact of increasing NPAT by 3%, while decreasing our minority interest (MI) forecast by 3%. The NPAT increase is due to our house 5%-increase in TCB’s NPAT (following its stronger-than-expected results), partly offset by our decrease of MSN’s EBIT by 5%. The decrease in EBIT is mainly driven by decreasing MSR’s EBIT by 104% (following its lower-than-expected results in 9M 2024), which is partly offset by increasing the combined EBIT of consumer-retail businesses (MCH UpCOM, WCM, MML, and PL) by 2%. As we reduce MSN’s EBIT, we also reduce MSN’s MI by 3% vs our previous forecast.

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