We update MSN with a BUY rating with 22% upside. The target price is curtailed by 8% primarily due to Techcombank (TCB) and hikes to the risk-free rate and our universal risk premium. Three-year core PEG of 0.9 looks appealing. Recurring EPS is poised to elevate on the back of broad-based core business growth and deleveraging. Proceeds from MSN's potential sale of treasury shares (up to 110 million shares) will accelerate the deleveraging process and, hence, bottom-line growth.