Analyst Pin-board MSN – Finding out a new piece to “Point of Life” vision
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· The Sherpa Company Ltd acquired a 70% equity stake in Mobicast JSC, the entity that owns the brand Reddi, a start-up operating full-serviced Mobile Virtual Network Operator (MVNO) for a total cash consideration of VND 295.5 Bn (USD 12.8 Mn) via a primary and secondary share investment. MSN plans to make Mobicast JSC break even at the EBIT level in the next 6-12 months. · We view the Mobicast acquisition for MSN to digitalizes its consumer platform and build a unified solution for online products to become a destination fulfilling most of daily needs at cheaper costs. However, Mobicast JSC's main contribution to MSN's business results now is limited as the ‘new’ catalyst for the digital pillar ecosystem because of its current small size compared to those of The Sherpa and consolidated MSN. · In FY2021, we estimate Masan Group’s FY2021 NPAT post-MI to reach VND 3,112 Bn (USD 135 Mn, +152% YoY). As the stock price rose 10% in the recent month, we recommend to ACCUMULATE with a total expected return of 12%. |
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.
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