MSN reported better-than-expected Q3 2024 results with net revenue of VND 21,487 bn (+6.6% yoy) and NPAT-MI of VND701 bn (+1,349.2% yoy), exceeding our earlier forecast of VND650 bn. Thus, MSN has achieved 130% of its 2024 baseline profit target after three quarters.

Recap BVSC’s latest forecast and recommendation: Revenue and NPAT-MI are forecast to reach VND86,840 bn (+11% yoy) and VND2,766 bn (+560.7% yoy – including the one-time gain in Q4), respectively. Our most recent rating is OUTPERFORM with a target price of VND96,400/share. We will provide a more detailed update later.