We update with an OUTPERFORM rating on MSN, upside of 10.3%. We project a 29% decline in 2017 recurring NPAT-MI, but reported 2017F NPAT-MI will stay flat due to gains from selling Techcombank (TCB) convertible bonds (CBs) in Q4 2017. De-stocking at F&B distributors and pig price crisis dampen 2017 operating results, which are partly cushioned by strong profit growth at TCB and improvement at Masan Resources (MSR).