Company Insight

Masan Group Corporation (Masan, HOSE: MSN) is one of the largest private multi-industry economic groups in Vietnam with a focus on consumer retail, which is expected to benefit from demographics and the expansion of the middle class, in addition to the mining - resources segment and associated interests at Techcombank. Established in 1996, the group has significantly enlarged its scale through strategic M&A deals.

We initiate a report on MSN and issue a BUY recommendation with the expectation that: (1) The consumer retail core will grow rapidly, creating momentum for profit growth when WinCommerce and Masan MEATLife turned profitable in 2024, (2) Restructuring of non-core business activities helps reduce debt and improves operating efficiency, and (3) MCH's story of uplisting to HOSE is a driving force for the stock price. Our target price is VND 83,000, which is equivalent to an expected return of 33.9%.