KBSV recommends buying MCM shares.

SKĐS - KB Securities Vietnam (KBSV) recommends buying MCM shares based on good business results and a strong stock growth rate.

According to KBSV, by the end of 2025, Moc Chau Dairy Cattle Breeding Joint Stock Company (MCM) will announce its strategy to develop the Moc Chau Creamery (MCC) brand, positioning it in the high-end segment and linking it to the nearly 70-year-old dairy heritage story in the Northwest region.

Accordingly, MCM has invested heavily in its image, design, and brand story, expecting to contribute 30%-40% of branded milk revenue by 2028F and gradually become MCM's flagship product line.

KBSV recommends buying MCM shares (illustrative image).

In the first quarter of 2026, MCM's revenue and after-tax profit reached VND 742 billion (up 25.4%) and VND 80 billion (up 68%), respectively. The branded milk segment was the main driver, with revenue increasing by 26%, while raw milk revenue (sold to VNM) increased by 9%.

Thanks to the shift in structure towards branded dairy products, MCM's gross margin improved by 400 bps compared to Q1/2025.

According to KBSV, the new dairy farm, with a capacity of 4,000 cows, will begin operations in Q2/2026, expected to supply an additional 20,000 tons of milk per year, a 25% increase compared to the existing scale, and will primarily serve the new Moc Chau Creamery product line.

KBSV estimates that the farm will operate at maximum herd capacity by 2028-2029.

MCM expects to expand its distribution channel coverage by approximately 5,000 new sales points (an 8% increase) in 2026, focusing on modern channels and the Southern region. This is the most promising market with high consumer demand, dynamism, and a preference for new products.

KBSV uses two valuation methods: FCFF and a comparison with a target PE ratio of 12 times, applied to projected EPS for 2026. We recommend buying MCM shares with a target price of VND 35,700 per share, representing a potential upside of 24%.

Source: https://suckhoedoisong.vn/co-phieu-mcm-duoc-kbsv-khuyen-nghi-mua-169260525063101872.htm