- H1 2023 results: Net revenue inched up 4% YoY to VND37.3tn (USD1.6bn) and core NPAT plunged 60% YoY to VND868bn (USD37mn), completing 44% and 37% of our respective full-year forecasts. While revenue was in line with our forecast, core NPAT fell short of our expectation due to weaker-than-expected operating profit from Masan High-Tech Materials (MHT), WinCommerce (WCM), and Phuc Long (PL). As such, we see a potential downside risk to our 2023F earnings forecasts for MSN, pending a fuller review. 

- Q2 2023 results: Net revenue edged up by 4% YoY, which was mainly driven by 22% YoY and 19% YoY growth at Masan Consumer Holdings (MCH) and Masan MEATLife (MML) on an LFL1 basis, respectively. Meanwhile, core NPAT declined 54% due to (1) a 36% increase in financial expenses, (2) a lower profit contribution from TCB (-28% YoY), and (3) MHT’s operating loss of VND37bn (USD1.6mn). On a QoQ basis, revenue was flat and core NPAT inched up 3%, but EBITDA slid 3%. This tracked behind management’s Q2 2023 targets for increases of 10%-15% QoQ and 8%-10% QoQ in revenue and EBITDA, respectively.

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