MSH – Improving fundamentals, supported by strong profitability and attractive valuation
• In Q2-FY25, MSH posted NPAT of VND 180bn (+96% YoY), well above our expectations, thanks to sustained high gross margins in the CMT segment, outperforming industry norms. This was driven by new Chinese customers onboarded since Q4-FY24.• We believe MSH has re-rating potential given improving fundamentals and attractive valuation. The stock is trading at 7.6x fwd P/E and 5.6x fwd EV/EBITDA, which are 10%/20% below its 5-year historical average and 16%/13% below industry median, respectively. In addition, with a consistent dividend track record, we expect MSH to maintain a cash dividend of VND 2,500/share (7% yield based on closing price on Sep 04, 2025).
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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