MSN’s 2018 results largely reinforce our optimism on the company’s medium-term prospects on the back of revived growth in the F&B business (Masan Consumer Holding/MCH) following a restructuring in 2017 and an increasing profit contribution from Techcombank (TCB). While the animal protein segment (Masan Nutri-Science/MNS) remained a drag in 2018, recovering pig prices and Masan’s recent fresh meat launch bode well for a revenue recovery in 2019.