Viet Dragon Securities - MSN – The potential growth of the consumer-retail segments is the highlight

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Viet Dragon Securities

An Nguyen

MSN – The potential growth of the consumer-retail segments is the highlight

Based on the improvement of Q1 2024 results and business strategies of the consumer-retail businesses, we believe that MCH, WCM, and MML will keep growing in the next three quarters of 2024. The positive sales growth of the consumer-retail segments will compensate for the weak sales growth of the non-consumer-based segment (MHT)
We believe that the 2024 net profit will grow at a higher pace than the revenue thanks to (1) cost optimization strategies; and (2) 2023 low base effect. 2024 Net sales and NPAT-MI is predicted to be VND81,545 bn (or USD3,210 mn; +4.2% YoY) and VND1,761 bn (or USD69 mn; +320% YoY), respectively
Based on SoTP valuation method, our 2024 target price for MSN stock is VND85,600. Based on the 12-months expected return of +21% compared to the closing price on May 13rd 2024, and the rationale of 1) 2024 net profit should grow at triple-digits; and 2) the potential strong growth of consumer-retail business in the upcoming years, we have a BUY recommendation on this stock for the long term.

13/05/2024 6 EN

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Viet Dragon Securities

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Analysts

An Nguyen

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MSN – The potential growth of the consumer-retail segments is the highlight

MAINTAINING THE GAINS

The Unsustainable Trajectory of U.S. Public Debt

STRONG VOLATILITY

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