Analyst Pin-board MSN – Core NPAT growth to be robust in FY2022 driven by the consumer ecosystem pillar
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· We recommend Accumulating MSN with the total expected return of 14%, including nearly 0% cash dividend. · We estimate Masan Group’s FY2022 core NPAT to be VND 7,349 Bn (USD 318 Mn, +50% YoY). Phuc Long will contribute around VND 535 Bn (USD 23 Mn) to total consolidated NPAT, while WCM will reach VND 114 Bn in EBIT and VND 1,737 Bn in EBITDA in FY2022, equivalent to EBIT margin and EBITDA margin of +0.3% and +4.6% in FY2022, respectively. · We view that the capital divestment from the animal feed segment is a decision with a long-term growth perspective, driven by (1) supporting business to decrease exposure to the commodity-based segment given the fact that Vietnam’s animal feed industry is in a saturation phase, and (2) the restructuring of capital investment to the branded meat industry, possessing growth potential to provide higher business upside in the long term for both MML and MSN. |
Masan Group Corporation is a Vietnam-based company engaged in the food processing industry. It is a private sector company whose businesses include Masan Consumer, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and Masan Resources. It is engaged in the processing and trading of fish sauce, soya sauce, chili sauce and other condiments, as well as instant noodles, through its subsidiary, Masan Consumer Corporation. It is also involved in mining business through its subsidiary Masan Resources, which owns 100% interest in Nui Phao polymetallic project and produces tungsten, fluorspar and bismuth. Through other subsidiaries, The Company is active in other fields, such as the manufacture of animal feeds and the provision of management advisory services.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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