FINANCIAL ANALYSIS AND VALUATION CASE

STUDY OF MASAN GROUP

the level ad quality of performance of the enterprise.ABSTRACT Financial analysis is a set of concepts. It allows collection and processing of accounting information and also other information by using different tools. Thus. financing activities. methods and techniques. the ability and potential of the business. It presents the way to synthesize financial information which included financial ratio to measure the intrinsic value of Masan group’s price per share in the stock market. this will be a good reference for investors who consider and want to invest in Masan group’s safety. through an illustration of Masan Group’s analysis. the financial analysis help people to use information to make their final selection of decision to invest on their stock. . investing. This case study will provide a useful methods and understanding clearly of what the financial statement analysis is. risk assessment. It is aspect to show about operating. It helps to manage and assess the financial position of a business. Thereby.

................ 2 I........................................... 12 V.................................................................... Evaluation.................................................... 10 IV........................ RISK AND PERFORMANCE......5 II.................................................1 Introduction.....................................................3 Organisation Structure......................... 6 III.................................... Capital Structure..2 ShareHolders Structure.......................... FIRM ANALYSIS...................................................... 5 1................................................................................................................................. 4 1.............................................................................................................TABLE OF CONTENT ABSTRACT............. 4 1...... Investment................ 13 .............................................................................................................................

128 billion (USD3 billion). .I. 8/2009. which ranks as the fifth largest company on the Vietnamese stock markets. This fund manages USD1. KKR invested USD159 million in MSC in April 2011 and then invested another USD200 million in January 2013.2 billion.998. The Group is one of the largest private companies in Vietnam and focuses on the consumer and natural resources industries and also manage company and invest assets. which owns the Su Tu Trang beer brand. Precursor Masan Group is JSC Maritime Masan (MSC) was set 11/2004 established with initial charter capital of 3.200.000. mainly shares of other companies. This is the fund which operates three PENM funds with total assets of USD400 million. which holds all the Group shares in MSC and also owns Masan Brewery.3 billion assets of individuals and entities all over the world. MSN Group’s investors are reputed entities which support the Group both financially. Masan Resources (MSR).  Dragon Capital (MSN’s shareholder .1 billion of assets. Some of the typical global investors of Masan Group as well as Masan’ subsidiaries include:  PENM Partners (MSN’s shareholder . renamed MSC to the Corporation Masan Group (Masan Group) and restructuring implemented through the individual issue. strategically and technically.six percent): established in 2006 and formerly belonging to BankInvest Group.763.  KKR (MSC’s shareholder-18 percent): Kohlberg Kravis Roberts fund has been the longestablished asset management fund since 1976 which invests in various assets in North America.four percent): established in 1994.  Mount Kellett (MSR’s shareholder .MSN controls two subsidiaries: Masan Consumer (MSC).20 percent) is currently managing around USD4. 10/2009.1 Introduction Masan Group was established in November 2004 and listed on the Ho Chi Minh Stock Exchange in November 2009. It has established Masan Consumer Holding (MCH). including the PENM fund in Vietnam. The market capital of MSN is VND58. In 2010 Mount Kellet invested USD100 million to own 20 percent of Masan Resources. FIRM ANALYSIS 1. Middle East and Asia. Europe. Masan Group completed capital increase to VND 4.

This is the parent company of the Group.2 ShareHolders Structure Sales Masan Corporation Sunflower Construction Company 19% 33% Orchid Capital Invesments PENM Partners 19% 13% 6% 10% Other Foreign Investors Other Local Investors Source: MSN Masan Corporation. holding 33 percent of MSN Group’s shares . which was set up in 2000. is the biggest shareholder of MSN.1.

1. Transferring the ownership and operating management of Masan Brewery from Masan Group to MCH. 2. Accordingly.3 Organisation Structure The management board of MSN includes six members. . The proceeds of the sale will be used to fund new manufacturing facilities. MSC establishes a new subsidiary. respectively. MSN has an associate bank. MSC sold their non-strategic subsidiary. Masan Beverage. Nguyen Dang Quang (Chairman cum CEO). 3. Ho Hung Anh (Vice Chairman). Mr. Orchid Capital Investments Pte. Techcombank with ownership of 30. Further. Foreign ownership accounts for 35 percent in MSN’s shareholder structure.directly and 13 percent through wholly owned subsidiary Sunflower Construction Company. MCH’s business results will integrate vertically in the beer section. Mr. especially bottled beverages 4. Masan Group’s main activities include two main segments which are consumer staples and mining/processing natural resources. Minh Viet Packaging. MSN’s recently announced a series of corporate initiatives to strengthen their consumer production sector which include: 1.36 percent. including Mr. which will manage nonalcoholic beverage businesses. Consolidating Masan’s direct and indirect interests in MSC into MCH. MSN management has made it clear that their main focus is on the consumption platform. In terms of restructuring plans. Nguyen Thieu Nam (Vice Director) and three other members. Ltd (Chandler Corporation) and Private Equity New Markets II K/S (PENM Partners) are the two largest foreign institutional investors with 10 percent and six percent ownership.

the Board of Directors. complying with the Regulations of the Corporation and State law.There is no separation between management and ownership of the company. If the company does not succeed in integrating the acquired company. President and CEO. II. All resolutions and decisions from the Board of Directors are made with a firm and unified decision from all or most of the members of the Board on the basis of shareholders’ interest and the sustainable development of the Corporation. the Supervisory Board and the shareholders have closely coordinated in order for the corporation to achieve operational efficiency. RISK AND PERFORMANCE i. Economic Risks: Business Strategy of the company carries the risk factors and the company cannot be sure about the likelihood of success when implementing development strategies. the company will be able to not . The strategy of the company is looking to expand business operations of the company through the acquisition of another company acquiring complementary to existing operations company.

Ability to lose major customers. The company also implemented its strategy to expand the business through expanding the market share of the subsidiaries. Specifically. Techcombank's total outstanding debt as at 31/12/2008 and 31/08/2009 respectively accounted for 2. . Moreover. promotional. the company still cannot guarantee whether Techcombank can remain at this rate. the expansion of business activities may increase the proportion of bad debts and reduce the quality of the loan portfolio in general. this will affect profitability and the implementation of the Bank's business plan was devised. . These are factors that can have a major impact on the financial position.Unanticipated changes in business.4%. . or provision for bad loans be enough to ensure that the new bad debt incurred or whether adjustments will be reduced to a list of existing bad loans.achieve the resonance elements. the Masan Food may not be able to recover the costs for advertising and marketing in the development of these markets and therefore could negatively affect gross profit. instant noodles) and new products through promotional activities. ii. risks. employees and key management team of the company and the company was acquired in the acquisition. development opportunities and other benefits expected from the acquisition of this acquisition. Although banks are still struggling to maintain a low level of bad debts. unanticipated factors and liability of the company being acquired. industry and economic conditions affecting the assumptions as the basis for the analysis and assessment of the acquirer acquisition. .The problems that arise in the process of combining and implementing the acquired businesses were acquired. Any one or more of the foregoing factors could cause the company cannot get the benefits from the acquisition acquirer. chili sauce.5% and 2. financial position. The acquirer acquired another company can contain many risks. the acquirer acquired businesses may adversely affect the liquidity and capital of the company as well as the company may incur additional debt or obligations to issue shares to raise capital funding for the acquisition. banks are forced to set up backup.The investment expenses of fixed assets such as capital expenditures and development costs cannot be recovered from the profits of the operation.There is uncertainty in assessing the value. strength and profitability as well as determine the level of hazard of the weaknesses. results of operations and future prospects of the company. In addition.The ability to achieve the resonance elements of finance and operations will bring the acquisition from the acquisition. If you cannot generate revenue in new markets or increase revenues in existing markets. Masan Food to expand market share in both existing products (fish sauce. . Competitive risks . soy sauce. If the number of bad loans increased. such as: . results of operations and future prospects of the company.

So the company cannot guarantee that they will always maintain a competitive advantage for existing competitors and the future. results of operations and future prospects of the Company. results of operations and future prospects of the company. . If the business operations of these customers have difficulty or facing these situations cannot pay for Masan Food. . Customer risk is not paid back in time. or lose the ability to pay is the risk faced Techcombank. This is reducing the profitability situation of Masan Food and can also negatively affect the financial position. financial condition. Food manufacturing sector in Vietnam faced competition from domestic and foreign companies. Masan Food policy always apply customer diversification and limit the credit limit granted to customers to minimize credit risk. the food manufacturing sector is one of the industry are very exciting competition. Any removal of barriers as well as lead to increased risks of competition from foreign banks for Techcombank. Currently. starting from the asynchronous of legal institutions and the economic environment. Masan Food to erase that debt or to set aside additional provisions. Competition may lead to an increase in advertising expenses and sales activities or offering competitively priced policies to eliminate unfair competition. In Vietnam. The credit risk of Techcombank One of the main activities of Techcombank is to provide credit to customers mainly in Vietnam. 2009. Where the customer is unable to repay on time or cannot afford to repay.0% of total revenue.Masan Group will face competition from domestic and foreign companies for strategic development directly competitive with the parent company and in every field of activity. especially in the context of Vietnam has committed to remove barriers to investment activities and foreign banks in the process of WTO accession. the company's revenues will be affected. distribution systems and the diversity of products. Credit risks Masan Food Credit risk may face: Some Masan Food's customers are entitled to the payment deadline to allow 30 to 45 days. pricing. there are separate provisions apply only to the branches of foreign banks and there is nothing to ensure that these regulations will not be removed. Vietnam has about 41 foreign banks operating in the form of branches. Higher credit risk may incur losses as a negative influence on the financial position. iii. results of operations and future prospects of the company. the accession of the brand and foreign companies makes the competition more intense. 31/08/2009 to date. Techcombank faced with competition getting fiercer by banks in the country and abroad. In addition. These changes to the competitive environment that Masan Food operations may adversely affect the business. the 10 largest customers account for about Masan Food 23. As of August 31. Credit risk in Vietnam is higher than the risk in other developing countries. Masan Food also must compete with rivals in building brand image.

This will create consequences on the financial position. However. Business operations risks:  Masan Group.389. the approval and support of government and other government agencies. the company needs to raise additional capital through the issue of shares.942. Liquidity risks  Unable to raise capital for investment projects in the future: Plans for the future growth of the company requires a significant capital investment to pay for the costs of initial investment as well as to the cooperation of our partners. results of operations and prospects the future of the company.iv. the company cannot guarantee the mobilization to facilitate comprehensive. especially senior professionals in the Vietnam market. mainly in the form of deposits.088. part of the banking assets are long-term assets. bank loans or other types of debt.410 16. Therefore. The liquidity of the banks will be affected and banks are forced to find other sources of capital with higher funding costs to cater for their activities.636 11. Having been the manager and staff have the skills and capacity in Vietnam to meet a lot of competitions and possibly the company. shortage of qualified personnel. which would create the risk does not match the time of repayment. results of operations and future prospects of the company.  Mobilized capital of Techcombank mainly short and medium-term sources. However.414 . as well as the financial position. this will also affect the long-term strategy. v. Nowadays. the Company's revenue  Business operations of Masan Food depends on the stability of raw material supply.533 10. To finance such projects.628. system failure or disruption of the system could negatively impact business activities of Techcombank. as well as the brain drain that staffing is always problematic enterprises. activity of the banking business will be affected if customers do not continue to send money at maturity. Masan Food and Techcombank will not recruit or retain the personnel necessary in the future. Fluctuating prices and other risks will be significant impact on this source  Masan Food facing problems of food safety and potential liability for products  Major fraud. Any changes in key personnel within the company does also have significant impact on operations. Masan Food and Techcombank are dependent on the ability to recruit and retain qualified staff suitable for senior management positions. INCOME STATEMENT Net revenue Year 2015 Year 2014 Year 2013 Year 2012 30.

307.962.478. MCH posted VND 5. as the company has been building new brands and launching new products since 2H14.828.548 Year 2015 Year 2014 Year 2013 Year 2012 1.644 18. Performances differed amongst segments.200 1.221.909.409 2.700 52.432.808. beer and meat. (please see our Update on Vinacafe in 1Q15 earnings report) In the beer segment.250 2.965.527.256 Liabilities 44. seasonings and coffee experienced negative growths due to sluggish demand even from rural area as consumers continued to reduce spending on what they considered as non-staple products.740.65 46.201 P/E 38.630 9.95 18.658.109.502.488 Operating profit 3.82 56.369 2.214 bn in net profit (.961 23.056 8.699. Investment i.06 3.837 6.080.037.709.408 19.179 36.592 Net profit 1.016.198.528 5.469 646 2.892 4.518 Year 2015 Year 2014 Year 2013 Year 2012 Current assets 16.49 BALANCE SHEET Minority interest RATIOS Trailing EPS Book value per share III. Sales of beer were VND 296 bn in 1H15 (sales in 4Q14 were VND .364 Owner's equity 27.292 1.969 13. While instant noodles and beverages achieved single-digit sales growths.039.783.240.10% YoY).66 10.196 11.083 14.999.005.996 1.796.266.141 38.47 ROAA - 2. Consumer Masan Consumer Holdings (MCH) currently has 4 key businesses: foods (convenience foods and seasonings). Masan Brewery (which holds 100% interest in Phu Yen Beer) is in the process of increasing beer production capacity by 3x from the current capacity of 50 million liters per year to expand “Su Tu Trang” brand to the Mekong Delta market.260. Notably.81 ROS 8.Gross profit 9. VCF’s shallow profit performance in 2Q15 was expected as we had anticipated spending on promotions and marketing/branding and other expenses items would continue to substantially increase in 1H15.100 46.654 31.337 4.599. non-alcoholic beverages (coffee and bottled beverages).046 15.042 1.628 4.546.304 20.223 Total assets 71.639 20.871 Short -term liabilities 15.49 127.210.327 11.849.17 1.624 6.888 bn in net sales (+3% YoY) and VND 1.994.883.25 12.277 Profit after tax 2.185.34 3.89 ROEA - 7.169 451.506 2.820.19 8.473 16.748. VCF’s net income dramatically dropped to VND 44 bn from VND 164 bn in 1H14.224 1.428.756 9.

Proceeds from the transaction were used to service foreign currency debt (USD 175 mn denominated debt from JP Morgan with interest rate at Libor +3.3% 66.150bn). which share some similarities including a rice-based culture. and other high interest debts ( VND denominated with interest rates from 13% to 14. After all closings. Singha came in and provided MSN access to the Thailand market and further down the road. Laos and Cambodia. the deal’s valuation premium created immediate value for MSN. Masan Consumer’s net financial income significantly decreased from VND 714 bn in 1H14 to VND 426 bn in 1H15 due to lower interest income.5%. which was only VND 672 bn in 1H15 vs VND 843 bn in 1H14. which allowed KKR to fully exit 2) value creation from the premium that Singha paid Masan Consumer Holdings’ ownership structure post-closing Masan Group 25. Just when MSN’s F&B categories are showing signs of slowing growth. Bringing fish sauce and coffee to Thailand will be the first step for MSN to establish its foothold in these Indochina countries. This new capacity will help expansion of Masan’s beer operations to previously untapped markets in Vietnam. Singha deal accelerates MSN’s consumption-focused re-transformation. partnership with Singha will boost MSN’s cash balance to USD1. Long-term receivables reduced from VND 9. Myanmar. brought two immediate gifts: 1) a USD 1.5%. MSN also gained the access to 160m new consumers in Inland ASEAN.5%) and to strengthen cash balance for future investments and acquisitions.7% Masan Consumer 33. the commonality of fish sauce.0% Masan Consumer Holding 96. where a total of 160m people are living vs Vietnam’s 90m.7% Masan Brewery .0% Singha 75.000 bn to local banks (coupon rate: average deposit rate of top 4 SOCBs plus 3%). the Singha deal. In 2Q15.1b of dry powder to deepen and expand MSN’s consumption-driven platform via either operational investments or M&As. MCH issued 5-year bonds worth VND 9. Finally. Roughly half of the proceeds were deployed to obtain an additional 18% stake in Masan Consumer.4. which arrived on Christmas day. While the impact of enlarged addressable markets may only be felt after a while especially in terms of profit contribution. geographical proximity as well as an emerging young middleclass consumers.1b which can be used for operational investments and new M&As. Through this.757 bn at 2Q15-end.655 bn at the beginning of 2015 to VND 5.

Mining (Masan Resources) Sales mildly increased by 4. which has plunged 30% YoY in 1H15. adding to the existing 10 factories and will boost total capacity by 40% to ~3 million tons by 2016. soybean and other raw material costs combined with strategy to focus on pig feed with higher margin compared to poultry feed and aqua feed were the key drivers for remarkable margin expansion. NPL ratio was at 2.8% YoY.It may be a case to MSN plan to future to expand their products and services in the South East Asia.).098 billion (USD615 million). The company introduced a new product called “Bio-zeem” and launched the first of its kind TV advertisement campaign. MSN Group reported a 35 percent increase in net revenue to VND16.4%. However. After joining Ma San Group. Low corn.72% in 1H15. Three new factories are under construction. and then will progress to the Hanoi Stock Exchange (HNX) after meeting listing requirements of the HNX over the next 12-18 months. Consolidated EBITDA of MSN grew at 26 percent/year from 2010 to 2014. Pro-forma net profit totaled VND 95 bn vs. iii. In 2014. of which MSC’s revenue was VND13. however EBITDA margin improved from 32% in 1H14 to 49% in 1H15 thanks to improved recovery rate and production volume across all four minerals. MSR offered ~10 mn shares to retail investors at the price of VND 12. Gross profit margin of MNS totaled 19. as it was the first year of ramping up operations.032 bn in PBT. 14. IV.000/share in preparation for the listing. and proforma net profit was VND 217 bn and VAS net profit VND 158 bn. and this is good opportunity to improve their profit outside of Vietnam with strong brand and good partners. The project will help MSN expand their market in the Asia. ii.6% was offset by rising provision taken at the start of the year (VND 2. we can see that MNS has become more proactive in R&D and marketing. the Bank achieved VND 1.9% despite challenging tungsten price. up 8. 438 bn in 1H14).089 billion (USD506 million).860 bn in 1H15 sales (VND 18.2% for 1H15 (vs. Impressive net interest income growth of 36. slower than 30 percent of revenue due to higher selling and administrative expenses (after . iv. Capital Structure Currently MSC contributes 82 percent of MSN Group’s business result.(MSR’s 2014 ROE was less than 5%.111 bn in 1H15 vs.8% of Anco in 2014).690 bn in 2014). lower than the industry average of 3. contributed revenue was VND 3. The combined brands (Proconco &Anco) generated VND 9. loss in 1H14.332 bn. MSR shares will be listed on Upcom by the end of 3Q15 at the earliest. Animal Feed (Masan Nutrition Science – MNS) The animal feed business was the new growth engine for the Group in the context of low commodity price. due to the fact that the Group consolidated MNS from May 2015.7% of Proconco and 15. Bank In 1H15.

560 2.098 2. an increase of 44 percent y-o-y. theyuse the Sum Of Parts (SOP) method to value the company. we assume that charter capital of MSN in 2015 would increase to VND7448 billion (USD350 million) as MSN has to issue additional shares of nine million in December 2015 for Goldman Sachs Group’s convertible loan.3 million).1 billion).121 billion(USD52. minorities’ interest has squeezed MSN’s net income growth. They combine the value of MSC. earning high financial income of VND1.740 -703 2.039 7.6 million).447 Evaluation As MSN Group is a holdings group which combines many subsidiaries in many different sectors.801 10. In addition.801 billion (USD1. These numbers should also improve going forward as the resources business has crossed break-even levels. This helped to partly offset high depreciation of VND1.amortization of M&A investments) as MSN invested in new product development and brand-building in order to target the attractive beverage and convenience foods market. Estimate 2015 (VND bn) MSC MSR Total revenue Gross profit Income from associate Profit before tax Tax NI MI interest NI of parent company EPS (VND/Share V.8 million).037 -975 1. Based on the earnings prospects of MSC and other entities such as MSR. net income of MSN was only VND2.560 1. and TCB. As we do not have the company’s plan to issue shares for additional cash. Masan Agri.975 -875 3. TCB and MSR in the calculation. as result of commissioning the Nui Phao project.560 billion (USD73 million).537 42 3.089 6.600 -53 2. we estimate that MSN can earn revenue of VND23. up 56 percent compared to last year’s results thanks to the proceed from selling Masan Agri (Proconco investment) and Minh Viet packaging company. For 2014. and net profit after minorities interest of VND1.080 billion. an increase of 48 percent y-o-y. resulting in a growth decline of 17 percent within the last five years.991 16.101 -1.6 million) and high financial expense of VND1. 2014 2015 13.762 23. net income of MSN after minorities’ interest was only VND1. still an increase of 139 percent y o-y.571 billion (USD73.710 billion(USD80. Sum Of Parts method 16.037 billion (USD95.080 1.083 . In 2014.

057 9.293 74.300/sh.000 per share. Our SoP-based valuation methodology is unchanged.000 this February.517 17.209 16.4% 5. the support at the lower bound may help MSN low down.400 The technical chart has shown MSN fluctuating between VND78.764 70.3% TSR. well below the average level of the last 10 sessions.170 78. given the flat EBITDA growth trajectory seen at MSC . Following the attempt to overcome the resistance level of VND90. MSN declined consistently and currently accumulated in the lower bound of its sideways trend.0% discount.000 and VND85.517 747 94. their target price changes slightly to VND110. indicating the weakness of selling forces.594 30. but they incorporate a 10.671 MSN’s ownership Value of MSN’s shares (VND bn) 78.4% 61. Its trading volume has shrunk sharply after MSN hit strong selling forces on March 20. Also.2 11. implying a 31.434 14.SOP Method MSC TCB DCF P/B Residual income NPV MSR Total +Net cash -Total loans MSN’s equity value Outstanding shares(mn shares) Share value (VND/share) Value (VND BN) 79.  MSN Group maintain our Outperform rating for Masan and roll our valuation forward to FY16E.

958.1 (10.3 748.5 Implied Adj.143.939.7) 97. Fig 8 MSN group’s P&L summary Year ended Net revenue Gross profit Gross margin SG&A % sales EBITDA EBITDA margin EBIT EBIT margin Associates FY13A 11.8 33.9ppt decline in Vietnamese risk free rates (5% Yr G-Bond yields 5.2% 2.706.3 29.8% 138.3% 2.732. Vina Securities.925.7% (53.4) 20.040.3 110.319.6 47.569.5 4.2 122.674.6 5.0) 82.2 17.0% 418. Our adj.313.D.2 24.795.9% 7.9% (2. P/B (x) 4.1) 22.3 31.830.6 (25.132.5 22.0 6.4 6.5% (4.4 24.5x FY16E Adj.3% (5.4 16.8% 34.2 26.2 25.7 Implied Adj.000 12.999.1% 7.D.1 21.277) 110.547.2 23.4 46.7 12. March 2015 ■ Our FY16E target price implies 21. EPS and 4.924 (10. F. P/B (x) 5.0% 2.9 747.0) (17.7 29.728.7 6.092.D.700.2 (11.4%) Enterprise value Less value of Minority claims Less total debt Plus net assets (FY14A/15E) Plus new equity issued Less BV of Minorities Total F.9 .044.871.897.088.5 10.2% (6.2) 24.3) 26.3% 3.997.1) 24.971.5 21.3 130.9x Adj.8) FY14A FY15E FY16E FY17E 16.6% (88.818.8% (192.5 27. whereas reported EPS and BVPS reflect goodwill charges required under Vietnam Accounting Standards.577 (12. F.1% 5.3 (25. P/E (x) 27.8) 21.1 (7.972.2 4.768.895.5 4.6) 91. higher total debt (from the new bond issues).924) 98.492.5 748.783.D.742.228 130.541.642.over the last three years.5 109.200 49. Old valuation Sum of Parts (VNDbn) Multiple EV Masan Consumer EV Masan Resources EV Techcombank (30.6) 28.5 14.D.7 4. Macquarie Research.3 24.097 110.324.276. on an improved profitability outlook.5) 21.091.8 747.155.2 108.270.849.8) (18.7 (8.980.635.  The major changes to our valuation reflect the inclusion of a 10% NAV discount.1) (20.128.4 47.9 118.2% 8. BVPS.1) 24. P/E (x) New valuation FY15E FY16E FY15E FY16E 80.9 Implied F.1 33.2) 24.9) 81.7 (23.796.35x Sum Sum VND/sh 10% VND/sh Implied F.6% 8.6 41.100 26.8 37.678. shares outstanding (mn) Fair Value/sh Assumed discount Target Price Upside/Downside DCF NPV 1.787.5% 87.248.598.8 (23. F.7 23.942.006. but offset by a slight increases in our FY15-16E EV. estimates add back the effects of goodwill charges (tax adjusted) to MSN's bottom line.1 23.1 7.9 4.300 26.678.2% 9.935.7 Source: Company data.7% 81.834.686.6 6.809.9) 20.1 120.5 111.6 24.0% (3.0%) and a slight increase in our valuation for TCB.599. MSN continue to value MSC and MR on a DCF/NPV basis and TCB on a justified P/B multiple.7 5.843.7) (11.487.111.913. reflecting a 1.492.6% 87.D.3 41.

1 665.1 665.5) 281.7 (702.318.4) 4.294.013.2 3.2 (20.5 752.1 .7) (956.7) 3.832.7) 1.3 4.7) (921.580.0) 451.7 5.711.9) 1.2 879.404.3 (1.2) (856.9 2.9) 1.8 (1.3 2.4 (706.479.9) (1.6 7.001.2 (826.333.739.920.1 657.Pre-tax profit Tax Minorities Net profit Goodwill Extraordinary gains Adjusted Net profit 2.316.357.6 (1.760.6 3.962.149.0) (1.080.