External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li><p>We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. </p></li><li><p>In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.</p></li><li><p>We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. </p></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>

We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. 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.

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update

Thematic (Sector/Industry)

<ul><li>In this report, we review the prospects of Vietnam’s modern grocery market.</li><li>We currently have a BUY rating for MSN (target price of VND102,800) and an OUTPERFORM rating for MWG (target price of VND78,100), which are the two companies under our coverage that have material exposure to the modern grocery sector.</li><li>Fresh food is central to Vietnamese diets. </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>

In this report, we review the prospects of Vietnam’s modern grocery market.We currently have a BUY rating for MSN (target price of VND102,800) and an OUTPERFORM rating for MWG (target price of VND78,100), which are the two companies under our coverage that have material exposure to the modern grocery sector.Fresh food is central to Vietnamese diets. 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.

Modern Grocery Retail Sector - Minimarts to dominate modern grocery retailing in Vietnam

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.</li><li>Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.</li><li>For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. </li></ul><div class="content-highlight"><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></div>

The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. 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.

Mirae Asset Securities (Vietnam) JSC Nguyen Tien Duc, duc.nt@miraeasset.com.vn<div class="content-highlight"><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></div>

Mirae Asset Securities (Vietnam) JSC Nguyen Tien Duc, duc.nt@miraeasset.com.vnContent 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.

EPS growth (21F,%) 280.8% Free float (%) 38.7<div class="content-highlight"><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></div>

EPS growth (21F,%) 280.8% Free float (%) 38.7Content 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.

Masan Group (MSN VN/Trading Buy/TP VND131,000)

Vietnam

Masan Group Corp. is a diversified private sector group. The Company's principal lines of business include food and beverage, consumer-agri, financial services and natural resources.

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Masan Group (MSN VN)

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update

We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024.

Vietcap

Modern Grocery Retail Sector - Minimarts to dominate modern grocery retailing in Vietnam

In this report, we review the prospects of Vietnam’s modern grocery market. We currently have a BUY rating for MSN (target price of VND102,800) and...

Vietcap

ETFs Monitor in 1Q24

he HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index

Mirae Asset Securities

Masan Group_Update (MSN VN/BUY)

Mirae Asset Securities (Vietnam) JSC Nguyen Tien Duc, [email protected]

Mirae Asset Securities

Masan Group (MSN VN/Trading Buy/TP VND131,000)

EPS growth (21F,%) 280.8% Free float (%) 38.7

Mirae Asset Securities

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