MSH – Solid 1H performance, bright outlook despite trade war tension – Update

• A shift of production method toward major FOB customers boosted 1H19 performance.
• MSH’s exports business grew healthily despite U.S.-China trade tensions.
• We raise our FY19F revenue and NP forecast by 5.2% and 6.6%, respectively.
• Maintain Hold rating but raise target price to VND66,600.

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