Company Insight

We publish an update report on MSN with a BUY recommendation and raise the target price to VND 105,300 to reflect expectations that (1) MCH's business results will recover in Q4/2025 and are forecasted to record double-digit revenue growth in 2026; (2) high tungsten prices due to geopolitical tensions will support profit growth for MHT; (3) WCM continues to expand its network with 1,000 stores expected to open in 2026, serving as a revenue growth driver while improving profit margins through operational optimization. Besides, MSN is also a large-cap stock expected to benefit from foreign capital inflows once Vietnam is upgraded to an emerging market.

Earnings update for Q4/2025 and FY2025 

Masan's net revenue in Q4/2025 reached VND 23,246 billion (+2.4% YoY), remaining higher than the same period despite no longer consolidating figures from H.C.Starck (MHT fully divested from H.C.Starck at the end of 2024). On a like-for-like (LFL) basis, Q4 net revenue increased by 10.6% YoY. Excluding MHT, all business segments recorded revenue growth, with the largest contribution coming from WCM, whose Q4 revenue rose sharply by 22.9% YoY. MCH's revenue also rebounded after two consecutive quarters of decline under the impact of (1) reducing dealer inventory ahead of new invoicing regulations and (2) the implementation of the new Retail Supreme distribution system.

Accumulated for FY2025, MSN recorded consolidated net revenue of VND 81,621 billion (-1.9% YoY), corresponding to an LFL growth rate of 8.7%. The net debt/EBITDA ratio at the end of 2025 remained stable at 2.74x. NPAT and NPAT-Mi both increased significantly, reaching growth rates of 58.3% YoY and 105.5% YoY, respectively.