{"id":14148,"date":"2018-11-29T15:27:20","date_gmt":"2018-11-29T08:27:20","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&#038;p=14148"},"modified":"2018-11-30T09:15:35","modified_gmt":"2018-11-30T02:15:35","slug":"update-msn-mixed-impact-from-trade-war-better-than-expected-beverages-growth","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/update-msn-mixed-impact-from-trade-war-better-than-expected-beverages-growth","title":{"rendered":"[Update] MSN \u2013 Mixed Impact from Trade War; Better-than-expected Beverages Growth"},"content":{"rendered":"<p><strong>Rating:\u00a0<\/strong>BUY<\/p>\n<p><strong>Current Price:<\/strong> VND81,000<\/p>\n<p><strong>Target price:<\/strong>\u00a0VND102,700<\/p>\n<p><strong>Upside:\u00a0<\/strong>27%<\/p>\n<p><strong>Key event catalysts:<\/strong><\/p>\n<ul>\n<li>US-China trade war could be a net win for MSN: positive for MNS but negative for MSR.<\/li>\n<li>Better-than-expected growth in the beverages segment.<\/li>\n<li>Fresh meat segment launched in 4Q18 to pick up steam in 2019.<\/li>\n<\/ul>\n<p><strong>Trade war impact could enhance performance of MNS further, while dampening MSR\u2019s income. <\/strong>We expect MNS to benefit from the US-China trade war with lower input prices for animal feed and a favorable supply-demand environment due to increased pork demand from China. However, we also expect headwinds for MSR if the trade war exacerbates the recent soft pricing for commodities including tungsten and copper. Overall, we expect the net impact could be favorable for the group, but we nevertheless conservatively switch to higher discount rates for MNS and MSR in our model to account for higher than expected uncertainties in their operations.<\/p>\n<p><strong>3Q results were slightly below expectations, but our long-term positive view remains intact. <\/strong>We lower our net income forecast for FY18E\/19E by 2%\/3% after considering MSN\u2019s 3Q results, which were by a delayed recovery of the animal feed market and soft tungsten and copper prices. However, this was largely offset by the better-than-expected growth from the beverages business. Our FY18-20E net profit estimates are now 14-20% higher than the Street.<\/p>\n<p><strong>Please access the link for our complete report:\u00a0<a href=\"http:\/\/yuanta-uat.ysvn.com.vn\/wp-content\/uploads\/2018\/11\/MSN_Result-Updates-1.pdf\">MSN_Result Updates<\/a><\/strong><\/p>\n<p><em>Consumer Analyst: Quang Vo,\u00a0<a href=\"mailto:quang.vo@yuanta.com.vn\">quang.vo@yuanta.com.vn<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rating:\u00a0BUY Current Price: VND81,000 Target price:\u00a0VND102,700 Upside:\u00a027% Key event catalysts: US-China trade war could be a net win for MSN: positive for MNS but negative for MSR. Better-than-expected growth in the beverages segment. Fresh meat segment launched in 4Q18 to pick up steam in 2019. Trade war impact could enhance performance of MNS further, while&#8230;<\/p>\n","protected":false},"author":7,"featured_media":11681,"template":"","class_list":["post-14148","phan-tich","type-phan-tich","status-publish","has-post-thumbnail","hentry","analysis-category-company-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.3 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>[Update] MSN \u2013 Mixed Impact from Trade War; Better-than-expected Beverages Growth | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"Rating:\u00a0BUY Current Price: VND81,000 Target price:\u00a0VND102,700 Upside:\u00a027% Key event catalysts: US-China trade war could be a net win for MSN: positive for\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[Update] MSN \u2013 Mixed Impact from Trade War; 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