MSN stock outlook

In the latest updated report, Bao Viet Securities (BVSC) gave an optimistic assessment of Masan Group's business prospects in 2025. Using the partial summation method (SoTP), BVSC valued Masan Group's MSN shares at VND89,200/share.

In the context of the Vietnamese stock market facing volatile sessions and cautious investment sentiment, consumer and retail stocks continue to emerge as a bright spot thanks to stable business results and long-term growth potential. Among them, MSN is a notable name, not only because of the positive numbers in the first quarter of 2025, but also thanks to its clear development strategy, flexible adaptability and attractive valuation at the present time.

MCH - "Profit Champion" of Masan ecosystem

MCH - Masan Group's key subsidiary in the consumer goods sector - has recorded stable business results despite many challenges from the market.

In the first quarter, MCH achieved revenue of VND7,489 billion, up 14% over the same period last year. Although pre-tax profit decreased slightly due to a decrease in financial income, core operations still showed sustainable financial health with gross profit margin maintained at 46.7% - among the highest in the FMCG industry in Vietnam.

In 2025, MCH plans to continue to promote its premiumization strategy in the convenience food industry with the launch of Omachi's new category called "Asian Cafe" (Asian Street Food). This initiative targets the meal market with an accessible price of only 1 USD, applying advanced technology applied in products such as self-boiling hotpot and self-cooking rice, providing convenient, high-quality meals at a reasonable cost and a large potential market.

"Asian Cafe" is a prominent product in MCH's strategy to premiumize the convenience food industry.

Another strategic highlight announced at MCH’s AGM was its fast and efficient product launch model – APLM – which allows the company to introduce products in WinMart chains before rolling them out nationwide. The process begins with rigorous testing at MCH’s Consumer Innovation Center (CIC), followed by product launches in WinCommerce stores, where direct feedback helps optimize the product.

Some prominent brands such as Wake-Up 247, Bupnon Tea365, Chanté are clear evidence of the effectiveness of this model, helping to shorten the launch time and increase the probability of commercial success. MCH is also accelerating its brand internationalization strategy, with revenue from foreign markets increasing by 22% in 2024 and continuing to be expected to be a medium-term growth driver.

The transfer of listing to HoSE, expected to take place later this year depending on market conditions, is also expected to bring a big boost in liquidity and interest from domestic and international institutional investors.

MCH's APLM model allows the company to introduce products at WinMart chains before expanding nationwide.

MSN - Strategic shift and strong recovery expectations

If MCH is the "profit machine" in the Masan ecosystem, MSN is the launch pad for this entire value chain.

In the first quarter, Masan Group recorded consolidated revenue of nearly VND18,900 billion, a slight increase over the same period. Most notably, after-tax profit attributable to parent company shareholders increased nearly fourfold, reaching VND394 billion. This recovery came from all business pillars: Masan Consumer (MCH), WinCommerce (WCM), Masan MEATLife (MML) and Phuc Long Heritage (PLH), in which WCM - the main retail system - achieved positive profits after the restructuring process.

A notable highlight is that Masan is strongly promoting the modern retail model through the rapid expansion of the WinMart and WinMart+ systems, with the goal of opening more than 1,900 new stores in rural areas by 2025. Along with that is the "Go Digital" strategy - comprehensive digitalization from operations, supply chain to customer interaction, to build a smart consumer ecosystem, optimize costs and enhance the shopping experience. The resonance between strong brands and retail platforms helps MCH, MML and other member companies benefit greatly from the coverage and strength of distribution channels.

The "Go Digital" strategy is expected to help Masan build a smart, cost-optimized consumer ecosystem.

In terms of finance, BVSC forecasts that Masan will achieve full-year revenue of about VND87,000 billion in 2025 and after-tax profit of up to VND2,802 billion, up more than 40% compared to 2024. Based on the total asset valuation method (SoTP), MSN's fair value is calculated at VND89,200/share - 43.9% higher than the current market price of VND62,000. This shows that there is still room for market price growth if key strategies continue to be effectively implemented, especially in the context of strong recovery in domestic consumer confidence.

Not only possessing a solid business foundation, MSN is also actively restructuring to optimize assets, reduce debt and improve profitability. The MCH IPO on HoSE, along with the possibility of Vietnam being upgraded to an emerging market in the near future, are expected to be factors that trigger cash flow into MSN shares.

Source: https://dantri.com.vn/kinh-doanh/trien-vong-cua-co-phieu-msn-20250515150741070.htm