reports
- An Nguyen
MSN - Profits is forecast to improve since 2H2023
Q2 2023, MSN illustrated a resilience sale with VND18,609 bn (-0.5% QoQ; +4.3% YoY) despite of challenging business environment. The backbone of the resilience is the healthy performance of the consumer-based businesses. Q2 2023 NPAT-MI dropped to the lowest level in the last twelve quarters with VND105 bn (-51.2% QoQ; -89.3% YoY). The key reason is the surge of non-operating expenses (including interest expenses, tax, and minority interest). We calculated that MSN ‘s net profit will improve ...
- An Nguyen
MSN – Lower-than-expected consumption puts more pressure on 2023 perfo...
In Q1 2023, Masan Group (HSX: MSN) posted net sales and NPAT-MI of VND18,706 bn (-9.3% QoQ; +2.8% YoY) and VND215 bn (-73.3% QoQ; -86.5% YoY), respectively. The high double-digit negative growth of the bottom-line is due to higher SG&A/Sales ratio; lower profit contribution of Techcombank; and the surge of interest expenses. Because Q1 2023 was strongly lower than our forecast, we adjust down the 2023 performance prediction. The 2023 revenue, NPAT Pre-MI and NPAT-MI are predicted to be VND78,...
- An Nguyen
MSN – Valuation becomes attractive
In Q4 2022, Masan Group (HSX: MSN) posted net sales and NPAT-MI of VND20,643 bn (+5.7% QoQ; -13.4% YoY) and VND447 bn (-17.7% QoQ; -93.1% YoY), respectively. Amid a challenging macro envinronment, the positive quartely growth, which was driven by MCH, MML and MHT, is an outstanding performance compared to other consumer giants. To sum up, 2022 net sales and NPAT-MI of MSN were VND76,189 bn (-14% YoY) and VND3,567 bn (-58.3% YoY), respectively. Notably, we found some warning signals from the d...
- An Nguyen
MSN – Higher-year ago level of income from JVs pushed the bottom-line ...
In Q3 2022, Masan Group (HSX: MSN) posted net sales of VND19,523 bn (+9.5% QoQ; -17.3% YoY). The strong negative YoY growth is due to the deconsolidation of the feed segment. In detail, Q3 2022 excluded-feed sales growth was –2.1% YoY, driven by lower revenue from WCM. We expect that 2022 core revenue of MSN will show a positive growth despite of rising inflation, supported by double-digit growth of MHT and modest growth of consumer segments (MCH, MML). However, we predict that 2022 bottom-li...
- Son Tran
Analyst Pin-board MSN – HSX: Higher Profit Margins Thanks To “Point-Of...
· 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...
- Son Tran
Analyst Pin-board MSN – Core NPAT growth to be robust in FY2022 driven...
· We recommend Accumulating MSN with the total expected return of 14%, including nearly 0% cash dividend. · We estimate Masan Group’s FY2022 core NPAT to be VND 7,349 Bn (USD 318 Mn, +50% YoY). Phuc Long will contribute around VND 535 Bn (USD 23 Mn) to total consolidated NPAT, while WCM will reach VND 114 Bn in EBIT and VND 1,737 Bn in EBITDA in FY2022, equivalent to EBIT margin and EBITDA margin of +0.3% and +4.6% in FY2022, respectively. · We view that the cap...
- Son Tran
Analyst Pin-board MSN – Consumer ecosystem to lead core profit growth ...
· We recommend to Accumulate on MSN with the total expected return of 8.7%, including nearly 0% cash dividend. · We estimate Masan Group’s FY2022 core NPAT to be VND 6,795 Bn (USD 294 Mn, +40% YoY), driven by MCH (+17% YoY), TCB (+28% YoY) while VCM will make positive operating profit. We estimate this retailing chain to record VND 113 Bn in EBIT in FY2022 (versus VND -172 Bn in FY2021) with EBIT margin of +0.3% (+83 bps YoY) in FY2022. · We view that the capita...
Masan Group Corp: 2 directors
Two Directors at Masan Group Corp bought 2,050,300 shares at 0.000VND. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
- Son Tran
Analyst Pin-board MSN – Finding out a new piece to “Point of Life” vis...
· The Sherpa Company Ltd acquired a 70% equity stake in Mobicast JSC, the entity that owns the brand Reddi, a start-up operating full-serviced Mobile Virtual Network Operator (MVNO) for a total cash consideration of VND 295.5 Bn (USD 12.8 Mn) via a primary and secondary share investment. MSN plans to make Mobicast JSC break even at the EBIT level in the next 6-12 months. · We view the Mobicast acquisition for MSN to digitalizes its consumer platform and build a unified s...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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