{"id":35567,"date":"2026-03-25T14:07:30","date_gmt":"2026-03-25T07:07:30","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=35567"},"modified":"2026-03-25T14:07:30","modified_gmt":"2026-03-25T07:07:30","slug":"en-gtjasvn-rs_msn-equity-report-_masan-repositioning-for-growth-_tp96198_mar-23-2026","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_msn-equity-report-_masan-repositioning-for-growth-_tp96198_mar-23-2026\/","title":{"rendered":"(EN) GTJASVN RS_MSN Equity Report _Masan &#8211; Repositioning for growth _TP96,198_Mar 23, 2026"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2026\/03\/EN-GTJASVN-RS_MSN-Equity-Report-_Masan-Repositioning-for-growth-_TP96198_Mar-23-2026.pdf\">(EN) GTJASVN RS_MSN Equity Report _Masan &#8211; Repositioning for growth _TP96,198_Mar 23, 2026<\/a><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong>BUSINESS<\/strong><strong> UPDATES<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">According to the FY2025 business results of Masan Group Corporation, \u00a0consolidated revenue reaching 81.6 trillion (+8.7% LFL), while profit surged (NPAT pre-MI +58.3%, post-MI +105.5%), underscoring gains from restructuring and operational optimization across its ecosystem. The balance sheet strengthened further, with net debt\/EBITDA easing to 2.74x, providing headroom for growth ahead.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">Across segments, WinCommerce sustained double-digit revenue growth and expanded margins on network expansion and improved execution. Masan Consumer showed signs of recovery from 4Q despite short-term cost pressures. Masan MEATLife delivered a marked earning rebound, driven by operational efficiencies and volume growth, while Masan High-Tech Materials benefited from higher tungsten prices and improved mining performance.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">We are positive on Masan Group\u2019s 2026 outlook. WinCommerce is expected to sustain robust expansion and further improve operational efficiency, supported by the ongoing shift toward modern trade and a recovery in domestic consumption. Masan Consumer is projected to return to a growth trajectory, driven by the rollout of its new distribution model and ongoing premiumization strategy.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">Meanwhile, Masan High-Tech Materials could enter a favorable cycle as tungsten prices remain elevated, supporting margin expansion. On the downside, Masan MEATLife may face headwinds from volatile live hog prices and feed costs, suggesting a more cautious earnings outlook, with performance increasingly tied to synergies with the retail platform.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif\">We recommend \u201c<strong>BUY<\/strong>\u201d MSN stock with a target price of VND <strong>96,198 VND per share<\/strong>, implying a <strong>27.6%<\/strong> upside from the closing price on March 19, 2026.<\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-35567","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN RS_MSN Equity Report _Masan - Repositioning for growth _TP96,198_Mar 23, 2026 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn-rs_msn-equity-report-_masan-repositioning-for-growth-_tp96198_mar-23-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN RS_MSN Equity Report _Masan - Repositioning for growth _TP96,198_Mar 23, 2026 - GTJA\" \/>\n<meta property=\"og:description\" content=\"(EN) GTJASVN RS_MSN Equity Report _Masan &#8211; Repositioning for growth _TP96,198_Mar 23, 2026 BUSINESS UPDATES According to the FY2025 business results of Masan Group Corporation, \u00a0consolidated revenue reaching 81.6 trillion (+8.7% LFL), while profit surged (NPAT pre-MI +58.3%, post-MI +105.5%), underscoring gains from restructuring and operational optimization across its ecosystem. 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