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(EN) GTJASVN RS_MSN Equity Report _Masan – Repositioning for growth _TP96,198_Mar 23, 2026
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BUSINESS UPDATES According to the FY2025 business results of Masan Group Corporation, consolidated 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. 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. RECOMMENDATION We are positive on Masan Group’s 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. 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. |
We recommend “BUY” MSN stock with a target price of VND 96,198 VND per share, implying a 27.6% upside from the closing price on March 19, 2026.
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