Using the SOTP method, BVSC estimate the fair value of MSN to be VND96,400 per share, thereby maintaining the OUTPERFORM recommendation. We think solid momentum of business result and significant one-time profit from should big strong catalysts for share price movement in 2H24.

Historically, MSN has traded at an average P/B ratio of 4.8x since 2018, fluctuating between 2.9x and 6.6x. As of August 14, 2024, MSN’s P/B ratio has reached 3.3x, nearing its historical low.

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Please find the attached file below.