Our sum-of-the-parts (SoTP) valuation yields a fair value of VND89,200 per share, incorporating a 30% conglomerate discount. MSN’s sustained consumer-driven growth, coupled with strategic initiatives-such as simplifying its corporate structure, the upcoming relisting of MCH on HOSE, and Vietnam’s prospective market upgrade-positions the stock for meaningful upside in 2025–2026. We reiterate our OUTPERFORM rating, supported by MSN’s resilient fundamentals, attractive valuation, and catalysts for value unlocking.

……………………………………………

Please find the attached file below.