According to SSI Research, 23 out of 42 businesses are forecasted to grow in Q3, particularly in retail, steel, seaports, and thermal power sectors. Notably, Masan Group’s Q3/2025 post-tax profit is estimated at VND 1.7 trillion, marking a 31% year-on-year increase and a 5% rise from the previous quarter. This robust profit growth is primarily driven by sustained improvements in retail margins and high tungsten prices.
Masan’s disclosures reveal that in the first nine months of 2025, the group’s post-tax profit before minority interests (NPAT Pre-MI) surpassed 90% of the full-year base-case profit plan. This positive outcome is evident across the company’s core business segments.
In the retail sector, WinCommerce (owner of WinMart/WinMart+/WiN) led growth with a precise store expansion strategy, generating over VND 25 trillion in revenue—a 16.1% year-on-year increase and significantly exceeding annual targets. In August alone, revenue reached VND 3.573 trillion, up 24.2% year-on-year. The effectiveness of modern retail models in rural areas is increasingly apparent.
Masan MEATLife (MML) maintained stable revenue while achieving a profit breakthrough. In August 2025, MML recorded revenue of VND 999 billion (up 11.1% year-on-year) and net profit of VND 35 billion (up 60.5% year-on-year).
Alongside the recovery in consumer segments, previously non-core businesses are now contributing positively. Phúc Long has entered a growth phase following operational restructuring, focusing on high-performing stores in Hanoi and Ho Chi Minh City. Masan Hi-Tech Materials (UPCoM: MSR) is expected to benefit from global demand for high-tech materials.
Masan Consumer (MCH) experienced a slight decline due to distribution channel shifts and seasonal factors but is poised for a strong Q4 during peak consumption.
VCBS forecasts Masan’s Q3/2025 revenue at VND 21 trillion (up 4% year-on-year) and post-tax profit at VND 1.7 trillion. For 2025, revenue is projected at VND 87.27 trillion (up 5% year-on-year), with post-tax profit reaching VND 5.6 trillion (up 31%). VCBS also sets a target price of VND 109,613 per share for MSN.
BVSC predicts 2025 revenue at VND 85.042 trillion (up 2.2% year-on-year) and parent company net profit at VND 3.501 trillion (up 75.1%). A 25% upward revision in profit forecasts reflects stronger-than-expected performance from subsidiaries, notably Masan High-Tech Materials, offsetting Masan Consumer’s H1/2025 decline. BVSC values MSN at a potential VND 106,000 per share, indicating over 30% upside from current levels.
Despite positive growth prospects, Masan faces short- to medium-term challenges, including intense retail competition, raw material price volatility, operational costs, and new regulatory compliance requirements. The company must leverage consumer stimulus policies while strengthening internal capabilities and risk management to sustain competitiveness in the new growth phase.
Achieving over 90% of its annual profit target in just nine months positions Masan well for Q4—the peak consumption season—and reinforces its potential to meet or exceed 2025 goals.
| Masan Group Joint Stock Company (HOSE: MSN) is a leading consumer and retail enterprise in Vietnam, dedicated to providing essential, high-quality products and services domestically and internationally. Its ecosystem spans fast-moving consumer goods (Masan Consumer: Chin-Su, Nam Ngư, Omachi, Kokomi, Wake-Up 247), branded meat (Masan MEATLife: MEATDeli, Ponnie, Heo Cao Bồi), retail (WinCommerce: WinMart, WinMart+), tea and coffee (Phúc Long Heritage), and high-tech materials (Masan High-Tech Materials). |
– 13:59 06/10/2025
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