Although recording loss in 1Q20, we expect a strong recovery of Masan Group’s bottom line in 2Q20, driven by Masan Consumer’s double-digit revenue growth rate and widen operating profit margin, in combination with EBITDA margin’s improvement of VinCommerce. Using sum-of-the-parts valuation on Masan Group’s parent BS, we maintain BUY for MSN share with TP of VND77,000. Total expected return is 24%.