Stock MSN MASAN GROUP CORPORATION
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Financials Masan Group Corporation

Equities

MSN

VN000000MSN4

Food Processing

End-of-day quote Ho Chi Minh S.E.
Other stock markets
 18:00:00 2024-06-25 EDT 		5-day change 1st Jan Change
74,000 VND +0.14% Intraday chart for Masan Group Corporation -2.89% +10.45%
04-25 Masan Group Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-22 Masan Group Corporation announced that it has received VND 6375 billion in funding CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,045,738 104,429,758 201,872,240 132,406,405 95,866,508 106,438,020 - -
Enterprise Value (EV) 1 88,476,738 158,272,155 237,412,310 132,406,405 148,519,293 151,711,020 163,233,959 164,043,074
P/E ratio 11.9 x 84.3 x 23.5 x 37 x 228 x 75.9 x 30.8 x 21.3 x
Yield - - - - - 1.08% 1.54% 1.95%
Capitalization / Revenue 1.77 x 1.35 x 2.28 x 1.74 x 1.23 x 1.24 x 1.1 x 0.99 x
EV / Revenue 2.37 x 2.05 x 2.68 x 1.74 x 1.9 x 1.77 x 1.68 x 1.52 x
EV / EBITDA 11.7 x 15.3 x 21.8 x 14.6 x 17.9 x 9.53 x 9.27 x 8.39 x
EV / FCF 90.3 x -68 x - - -85.9 x 41.6 x 32.1 x 37.6 x
FCF Yield 1.11% -1.47% - - -1.16% 2.41% 3.11% 2.66%
Price to Book 1.54 x 6.55 x 6.14 x - 3.61 x 3.83 x 3.33 x 2.85 x
Nbr of stocks (in thousands) 1,402,741 1,409,626 1,416,647 1,423,725 1,430,843 1,438,352 - -
Reference price 2 47,083 74,083 142,500 93,000 67,000 74,000 74,000 74,000
Announcement Date 20-01-22 21-01-29 22-01-27 23-01-28 24-01-30 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,354,000 77,218,000 88,628,767 76,189,225 78,251,619 85,532,220 96,965,284 108,017,396
EBITDA 1 7,591,429 10,346,000 10,915,173 9,075,694 8,302,418 15,912,068 17,599,769 19,543,801
EBIT 1 4,842,845 7,294,000 6,283,494 4,669,171 4,178,755 8,771,500 9,589,521 10,518,918
Operating Margin 12.96% 9.45% 7.09% 6.13% 5.34% 10.26% 9.89% 9.74%
Earnings before Tax (EBT) 1 7,105,090 1,395,000 11,488,784 5,147,150 2,562,974 4,456,000 6,794,900 9,234,333
Net income 1 5,557,000 1,234,000 8,562,882 3,566,996 418,695 1,493,482 3,427,133 5,084,885
Net margin 14.88% 1.6% 9.66% 4.68% 0.54% 1.75% 3.53% 4.71%
EPS 2 3,972 878.3 6,058 2,511 294.0 975.3 2,405 3,476
Free Cash Flow 1 980,063 -2,326,863 - - -1,728,334 3,651,000 5,084,000 4,364,000
FCF margin 2.62% -3.01% - - -2.21% 4.27% 5.24% 4.04%
FCF Conversion (EBITDA) 12.91% - - - - 22.94% 28.89% 22.33%
FCF Conversion (Net income) 17.64% - - - - 244.46% 148.35% 85.82%
Dividend per Share 2 - - - - - 798.5 1,137 1,444
Announcement Date 20-01-22 21-01-29 22-01-27 23-01-28 24-01-30 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1
Net sales 1 23,827,803 18,189,336 17,834,053 19,523,055 20,642,781 18,706,227 18,608,561 20,154,911 20,781,920 40,936,831 18,942,352
EBITDA 1 3,605,224 3,655,000 1,875,377 2,223,380 2,515,149 1,994,645 1,939,146 - - - 1,747,192
EBIT 1 2,487,080 1,123,788 1,008,981 1,154,991 1,381,411 909,684 992,460 1,359,217 917,394 2,276,611 703,424
Operating Margin 10.44% 6.18% 5.66% 5.92% 6.69% 4.86% 5.33% 6.74% 4.41% 5.56% 3.71%
Earnings before Tax (EBT) - - - - - - - - - - -
Net income 6,436,813 1,595,880 980,911 543,155 447,050 214,915 105,294 48,376 50,110 - -
Net margin 27.01% 8.77% 5.5% 2.78% 2.17% 1.15% 0.57% 0.24% 0.24% - -
EPS 4,543 1,352 692.0 383.0 315.0 151.0 74.00 34.00 35.00 - -
Dividend per Share - - - - - - - - - - -
Announcement Date 22-01-27 22-04-28 22-07-29 22-10-31 23-01-28 23-05-04 23-07-28 23-10-31 24-01-30 24-01-30 24-04-25
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 22,431,000 53,842,397 35,540,070 - 52,652,785 45,273,000 56,795,940 57,605,054
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.955 x 5.204 x 3.256 x - 6.342 x 2.845 x 3.227 x 2.947 x
Free Cash Flow 1 980,063 -2,326,863 - - -1,728,334 3,651,000 5,084,000 4,364,000
ROE (net income / shareholders' equity) 18% 4% 26.4% - 1.59% 5.38% 11.3% 15.3%
ROA (Net income/ Total Assets) 9% 1% 5.32% - 1.3% 1.26% 2.35% 3.04%
Assets 1 61,744,444 123,400,000 160,853,023 - 32,324,172 118,389,358 145,603,102 167,238,455
Book Value Per Share 2 30,498 11,306 23,211 - 18,562 19,326 22,208 25,928
Cash Flow per Share 2 3,647 962.0 809.0 - 351.0 3,615 4,974 7,110
Capex 1 4,124,062 3,678,000 2,805,427 - 2,228,795 3,477,800 4,259,500 4,243,333
Capex / Sales 11.04% 4.76% 3.17% - 2.85% 4.07% 4.39% 3.93%
Announcement Date 20-01-22 21-01-29 22-01-27 23-01-28 24-01-30 - - -
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Masan Group Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
74,000 VND
Average target price
88,738 VND
Spread / Average Target
+19.92%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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