At Masan Group's (stock code: MSN) annual general meeting on the morning of April 28th, an investor asked what message the Board of Directors had to reassure shareholders about holding MSN shares long-term. In response, Masan Chairman Nguyen Dang Quang briefly replied, "The sweetest fruit is at the end of the road; where we go is up to you, the shareholders."
Billionaire Quang added that the group has always defined its mission as being linked to the consumer industry and consumers. The Masan boss believes that Vietnam is a young country with a relatively low per capita income, so Masan has many opportunities that the company itself will create. Shareholders will be rewarded when the company's revenue, profits, and growth reach high values.
Masan Chairman Nguyen Dang Quang speaks at the annual general meeting on April 28 (Photo: MSN).
This year, Masan aims for consolidated net revenue of VND 90,000 to VND 100,000 billion, a record high in the company's history. Estimated after-tax profit is expected to decrease slightly, ranging from VND 6,900 to VND 8,500 billion. Masan stated that the company is still experiencing profit growth from its core business operations due to a significant profit generated last year from the sale of its animal feed segment.
In Masan's plan, The Crown X, the company managing two main business segments including fast-moving consumer goods (Masan Consumer Holdings) and retail (WinCommerce), will continue to play a leading role. This year, The Crown X's revenue is expected to reach VND 68,000 - VND 76,000 billion, accounting for 75% of the group's total revenue.
In particular, WinCommerce alone is expected to achieve sales of VND 40 trillion, an increase of nearly 30% compared to the same period in 2021. Masan Group CEO Danny Le said the group's trump card is the mini-mall model, where a WinMart+ mini-supermarket will integrate additional services such as financial services, tea and coffee, telecommunications, and pharmaceuticals alongside its main business of selling food and groceries.
Chart: Viet Duc.
Integrated stores operating under the new model have seen an average revenue increase of 30%, resulting in a 45% reduction in revenue required to reach the break-even point, thus improving WinCommerce's profit margins. According to Danny Le, the group aims to convert 50% of its WinMart+ stores to the new integrated model in the short term.
Also at the annual meeting, billionaire Nguyen Dang Quang announced that the group had just completed an agreement to invest $65 million to acquire a 25% stake in Trusting Social Joint Stock Company. This values the technology company at $260 million. Masan's leadership stated that the investment in Trusting Social helps the group accelerate the transformation of its integrated consumer and technology ecosystem, encompassing both offline and online platforms.
Trusting Social is a fintech startup that utilizes artificial intelligence (AI) and machine learning to provide in-depth credit data for over 1 billion users to more than 170 financial institutions across Vietnam, Indonesia, India, and the Philippines. Prior to receiving investment from Masan, Trusting Social had already received funding from various funds including Sequoia Capital, BEENEXT, Tanglin Ventures, 500 Startups, Kima Ventures, and Genesis Alternative Ventures.
According to Masan's CEO, following the investment in fintech company Trusting Social, the group will strengthen the application of technologies such as artificial intelligence and machine learning to increase the success rate of newly opened stores, achieve break-even points faster, and develop financial services aimed at those without bank accounts.
Sharing more details about the WinMart+ retail network expansion story with shareholders, The Crown X CEO Truong Cong Thang said that the key to capturing the market is for the company to open new supermarkets quickly while ensuring that at least 90% of the new stores are successful.
"We can't just wander all over Vietnam, searching every street corner and intersection and predicting where to open a store. The power of technology will be the tool that helps us expand quickly and accurately. We will know exactly which locations are optimal in terms of traffic and purchasing power for a successful new store opening," Mr. Thang shared with Masan investors.
Masan aims to expand to 10,000 mini-supermarkets and develop 20,000 franchised stores by 2025. The group also stated that it is ready and has actually closed inefficient and unprofitable outlets.
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