Analyst Pin-board MSN – HSX: Higher Profit Margins Thanks To “Point-Of-Life" Consumer-Tech Model
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· 1Q2022 NPAT strongly grew, driven by the improvement of profit margins of MCH, WCM and MHT. On the like-for-like basis, the revenue and NPAT post-MI were VND18,189 billion (-8.9% YoY) and VND1,596 billion (+753.5% YoY), respectively. The main driver of profit growth was improvement in profit margin of The CrownX (TCX) and Masan High-Tech Materials (MHT). · 2022 revenue and net profit of MSN, excluded MNS Feed, is forecast at VND91.6 tn (+23.5% YoY) and VND6.2 tn (+63.9% YoY), driven by the growth of all of business lines. The top-line growth is supported by favorable business condition. The strong growth of net profit will come from the higher profit margin of MCH; the higher profit growth of VCM thanks to the “Point-of-life” consumer-tech model; and high profit margin of MHT. · We recommend BUY on MSN share. Using the market price of VND119,000/share on May 05th 2022, forward P/E ratio and trailing P/E ratio (like-for-like basis) are expected to be 27.0x and 45.1x, respectively. With the rosy outlook of strong profit growth, we suggest that MSN is a good stock-pick for 2022. |
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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