MSN - Striving for further improvements in H2 2022

- We attended MSN’s analyst meeting on August 2, 2022, in which management provided more details on the company’s H1 2022 business performance, business initiatives in H2 2022 and near-term outlook.

- Overall, management expects further improvements in terms of growth and profit margins in H2 2022 vs H1 2022; in addition, it is conducting a further review on consumer spending power to re-evaluate FY2022 guidance. Management believes initial results currently have MSN’s 2022 NPAT-MI leaning toward the lower range of its AGM guidance of VND4.8tn-6.2tn (USD210mn-271mn).