Company Insight

Song Hong Garment Joint Stock Company (HOSE: MSH) is one of the leading enterprises in manufacturing export garments and bedding in Vietnam. 

MSH's 9M2025 recorded net revenue of VND 4,149 billion (+8% YoY), profit after tax of VND 468 billion (+74% YoY), completing 75% and 95% of the yearly plan, respectively. In particular, Q3/2025 recorded the highest quarterly profit after tax in the company's history thanks to the negotiation of high value-added CMT orders and increased financial income. Q4/2025 is expected to remain stable thanks to the peak import season in preparation for the year-end holidays. In 2026, we believe that MSH's export activities to the US market will slow down due to the impact of tariffs shifting to 2026 and the market needs more time to test actual consumer demand and the acceptance of new price levels. Based on the DCF method, we update MSH's target price at VND 42,600; corresponding to an upside of 10.1%.