MSN released its 2022 results, including net revenue of VND76.2tn (USD3.2bn; -14% YoY) and NPAT-MI of VND3.6tn (USD151mn; -58% YoY). Revenue was mainly dragged by the deconsolidation of the feed segment in November 2021. Excluding the feed segment, like-for-like (LFL) revenue growth was 3% YoY in 2022, which was driven by 15% YoY and 7% YoY revenue growth for Masan High-Tech Materials (MHT) and Masan MEATLife (MML), respectively. Furthermore, MSN recorded one-off financial income in 2022. Excluding this one-off gain and the contribution from the feed segment in 2021, recurring NPAT-MI decreased 17% YoY, per our estimates.

- Despite revenue of WinCommerce (WCM) and Masan Consumer Holdings (MCH) declining in 2022, WCM’s EBIT improved to -0.7% in Q4 2022 from -2.2% in Q4 2021. Moreover, MCH’s EBIT remained resilient in 2022 at 19.6% vs 20.1% in 2021.