Based on SOTP valuation, BVSC continue to rate OUTPERFORM for MSN with a target price of VND108,000 per share, a 12% upward revision from our previous update, mainly due to faster than expected progress its retail arm – WinCommerce. We believe MSN should be one of the most exciting stocks up ahead due to: (i) solid core profit growth per our forecast, especially from its retail business – an important portion of the Group’s valuation; (ii) one-off income and potential new update on diluting ownership interest in MHT in 4Q; (iii) the re-listing of MCH from UPCOM to HOSE and (iv) MSN being a beneficiary from foreign flow should the Vietnam stock market status be upgraded by FTSE in 2025.

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Please find the attached file below.