We attended MSN’s AGM today. Management presented its business targets through 2022, in which it aims to reach revenue of USD5bn in 2022 vs USD1.7bn in 2018. The presentation focused on Masan’s consumer-driven businesses, including packaged F&B and fresh meat. MSN guides for 2019 revenue of VND45tn-VND50tn (USD1.9bn-USD2.1bn, +18%-31% vs 2018) and NPAT-MI of VND5tn-VND5.5tn (USD215mn-USD236mn, +44%-58% vs recurring 2018 NPAT-MI), which is broadly in line with our forecasts.