We believe MSH is well-positioned to benefit from the ongoing trend of buyers (especially US-based customers) moving production away from China to Vietnam due to rising labor costs. We see a bright growth outlook for MSH based on the company’s (1) uniquely high exposure to the US market (which contributed over 50% of its export revenue vs 20%-30% of its peers) and (2) ongoing initiatives to transform from a cut-make-trim (CMT) outsourcee to a full-package-production (FPP) manufacturer.