MCM – A potential growth driver for Vinamilk
- Q3 2022, Moc Chau Milk recorded a growth of net sales at the rate of 4.7% YoY, equivalent to VND832 bn, explained by the diversifying product range. The SG&A expenses increased by 18.5% YoY but dropped 4.5% QoQ, proving MCM’s effort in optimizing operating costs. As a result, Q3 2022 net profit reached VND99 bn (+10% QoQ; +4.2% YoY).
- Despite of rising inflation, MCM saw 9M2022 net sales of VND2,346 bn (+6.3% YoY), driven by both higher ASP and higher selling volume. Backed by supports from Vinamilk, profits rose at stronger pace than revenue. 9M2022 net profit was VND274 bn (+18.4% YoY). Compared to 2022 revenue and profit targets, MCM completed 75.1% and 79.7%, respectively.
- We expect MCM ‘s net sales and net profit to reach VND3,171 bn (+8.4% YoY) and VND346 bn (+8.5% YoY) in 2022, respectively. Because VNM ‘s dairy market share is over 55%, thus it is hard to boost strong growth in organic sales. However, combined with strong growth of subsidiaries, VNM is expected to show high single-digit sales growth.
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