We maintain a BUY rating. While we sympathize with the market’s discount based on MSN’s uncertain outlook from its pending M&A with VinCommerce (VCM) – which has been evidenced by a recent slump in MSN’s share price – we find MSN undervalued as it trades at a 32% discount to our SoTP-based NAV estimate. We cut our target price by 25% as we curtail our 2019F-2021 earnings by 19%-23% since F&B sales and margins have been weaker than expected; we also decrease our mining forecasts