Viet Dragon Securities - MSN – Emerging signs of medium-term profitability improvement

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Viet Dragon Securities

Hung Nguyen

MSN – Emerging signs of medium-term profitability improvement

• In Q4-2025, MSN recorded net revenue of VND 23,246 bn (+9.8% QoQ, +2.4% YoY), NPAT-MI of VND 1,474 bn (+22.0% QoQ, +113.3% YoY), exceeding our expectation of VND 1,200–1,400 bn. Consistent with prior quarters in 2025, this outperformance stemmed from margin expansion across WCM, MHT, MML, PLH, and contributions from TCB.
• We maintain our 2026 earnings forecast for MSN, with NPAT-MI at VND 6,089 bn (+48.2% YoY), and a target price of VND 107,900 per share, implying a BUY recommendation.

10/02/2026 10 EN

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Viet Dragon Securities

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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Analysts

Hung Nguyen

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MSN – Emerging signs of medium-term profitability improvement

PERSISTENT DECLINE

TCH - leveraging land bank advantages, mitigating cash flow risks

SHARP RETRACEMENT

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