- 9M 2023 results: Net revenue inched up 4% YoY to VND57.5tn (USD2.3bn) and core NPAT plunged 53% YoY to VND1.4tn (USD56mn), fulfilling 71% and 62% of our respective full-year forecasts. While operating profit was in line with our forecast, core NPAT fell short of our expectations due to higher-than-expected interest expenses and FX losses. We foresee potential downside risk to our 2023F forecasts for MSN, pending a more extensive review.

- Q3 2023 results: Net revenue edged up by 3% YoY, which was mainly driven by 9% YoY and 6% YoY growth at Masan Consumer Holdings (MCH) and Masan MEATLife (MML) on an LFL1 basis, respectively. Meanwhile, core NPAT declined 32% mainly due to a 43% increase in financial expenses (i.e., interest expenses on loans/bonds and FX losses). On a QoQ basis, revenue increased 8% flat and core NPAT was up 7%. 

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