External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Masan Consumer manufactures seasonings (50% market share), convenience foods (20%), non-alcoholic beverages (3%), coffee (14%) and home &amp; personal care (HPC, 4%).</li><li>MCH is a unique growth-at-scale asset in Asia FMCG. In terms of 2017-24 revenue CAGR, it achieved 11% (12% in seasonings vs 5% of APAC and 14% in convenience food vs 7% of APAC)</li><li>We forecast (1) 2025F-2026F NPAT-MI to retreat 18% then rebound 20% YoY due to distribution revamp and (2) 16% 2026F-28F NPAT-MI CAGR, with NPM expanding from 22.4% to 24.0%. We also expect MCH to maintain 45% ROE despite a 30%+ net cash/equity position.</li><li>Meanwhile, during 2020-24, our Asian peer group median posted NPAT CAGR of 4%, average NPM of 13%, ROE of 21% and net cash/equity of 1%. Given MCH’s superior profile and strong 2026F rebound, we value MCH at 31x 2026F P/E vs the median of peer’s 5y avg TTM PE of 36x.</li><li>Upside catalyst: Move to HOSE (Dec 2025) and inclusion in VN30 and otherindex baskets (JunSep 2026) can attract substantial capital; potentially stronger profitability thanks to digital 4P.</li><li>Downside risks: Inflation pressure and GT disruptions due to presumptive tax removal, higherthan-expected competition, long disruptions from wholesaler reduction.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Masan Consumer manufactures seasonings (50% market share), convenience foods (20%), non-alcoholic beverages (3%), coffee (14%) and home &amp; personal care (HPC, 4%).MCH is a unique growth-at-scale asset in Asia FMCG. In terms of 2017-24 revenue CAGR, it achieved 11% (12% in seasonings vs 5% of APAC and 14% in convenience food vs 7% of APAC)We forecast (1) 2025F-2026F NPAT-MI to retreat 18% then rebound 20% YoY due to distribution revamp and (2) 16% 2026F-28F NPAT-MI CAGR, with NPM expanding from 22.4% to 24.0%. We also expect MCH to maintain 45% ROE despite a 30%+ net cash/equity position.Meanwhile, during 2020-24, our Asian peer group median posted NPAT CAGR of 4%, average NPM of 13%, ROE of 21% and net cash/equity of 1%. Given MCH’s superior profile and strong 2026F rebound, we value MCH at 31x 2026F P/E vs the median of peer’s 5y avg TTM PE of 36x.Upside catalyst: Move to HOSE (Dec 2025) and inclusion in VN30 and otherindex baskets (JunSep 2026) can attract substantial capital; potentially stronger profitability thanks to digital 4P.Downside risks: Inflation pressure and GT disruptions due to presumptive tax removal, higherthan-expected competition, long disruptions from wholesaler reduction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCH - Consumer Champion with Unique Retail Synergy - Initiation

Masan Group

MCH - Consumer Champion with Unique Retail Synergy - Initiation