MASAN – Q1 2025 RESULTS SUMMARY
Masan Group (MSN VN): NPAT Post-MI of VND394 billion, ▲278.8% YoY; Net debt to EBITDA of 2.9x, unchanged from Q4 2024.
Masan Consumer (MCH VN): Revenue of VND7,489 billion, ▲13.8% YoY; EBIT of VND1,736 billion, ▲13.8% YoY; NPAT Pre-MI of VND1,614 billion, ▼3.3% YoY – decreased net profit due to reduced financial income after dividend payout in FY2024.
Masan High-Tech Materials ‘’MHT’’ (MSR VN): Revenue of VND1,393 billion, ▲12.0% YoY on a LFL basis ; NPAT Pre-MI of -VND222 billion, ▲VND480 billion uplift – driven by rising commodity prices due to tailwinds from U.S.-China trade tensions and deconsolidation of H.C. Starck (“HCS”), given in Q4 2024 MHT announced the successful completion of its sale of 100% of HCS to Mitsubishi Materials Corporation (MMC) Group. According to MHT, post transaction, MHT debt reduced from ~USD$670 million to ~USD$490 million, and MHT retains its position as the lowest cost producer of tungsten.
WinCommerce (WCM unlisted): Revenue of VND8,785 billion, ▲10.4% YoY; NPAT Pre-MI of VND58 billion, ▲VND132 billion uplift – driven by like-for-like (LFL) growth, network expansion, and improved foot traffic.
Masan MEATLife (MML unlisted): Revenue of VND2,070 billion, ▲20.4% YoY; NPAT Pre-MI of VND116 billion, ▲VND163 billion uplift – driven by high live hog prices, higher porker value, and increased processed meat mix.
Phuc Long Heritage (PLH unlisted): Revenue of VND424 billion, ▲9.7% YoY; NPAT Pre-MI of VND43 billion ▲98.7% YoY – driven by openings of higher-traffic stores. PLH now has 184 flagship coffee shops, ranks 3rd in terms of market share by value and 2nd by footprint.
Vingroup (VIC VN): Ambitious objectives for 2025
The conglomerate sets target revenue of VND300 trillion (about USD11.5 billion, (up +59% YoY) this year and net income of VND10 trillion (about USD384.6 million, up +90% YoY), suggesting that Vinhomes (VHM VN), which is performing well, could account for 60% of total revenue. At the VIC AGM held on the 24th of April, the company proposed shareholders add 13 new business segments to its business registration. VIC VN closed at price ceiling (up +7%) VND62,700 per share on 24th April 2025, hence 20.1x P/E and 1.7x P/B.
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