Published Date: 26/11/2010
MASAN GROUP (MSN) 05 October 2010
Our HOLD recommendation based on some features: (1) Revenue and Profit margin are expected to increase in the coming years when Masan Food expand its business operation and launch new product lines (2) Techcombank (TCB) may get higher earnings compared with the other banks and (3) the acquisition of Nuiphaovica recently has been expected to generate profit to investors. MSN’s net profit and EPS are expected to reach VND 1,099 billion and VND 2,196 at the end of 2010, respectively. We expect MSN’s the reasonable price for MSN should be around VND 55,000; our recommendation is to HOLD MSN.
MSN - 10/2010.pdf
