Company Insight

Update HOLD recommendation, target price at VND 42,600

Song Hong Garment Joint Stock Company (HOSE: MSH) is one of the leading enterprises in manufacturing export garments and bedding in Vietnam. In 2025, MSH recorded revenue of VND 5,538 billion (+5% YoY) and NPAT of VND 671 billion (+52% YoY), fulfilling 101% and 136% of its full-year revenue and profit targets, respectively. Despite a highly volatile operating environment, MSH delivered strong earnings growth, driven by its flexible shift in order mix and successful negotiations for large-scale CMT orders at favorable prices. Following the strong performance in 2025, we expect MSH’s export growth to moderate in 2026 as the market requires time to assess consumer demand and the acceptance of the new pricing environment after tariff impacts. Based on our DCF valuation, we maintain our target price for MSH at VND 42,600 per share, implying an upside of 15.7%.