Masan’s leadership has consistently shared the listing plan since 2024 during the Shareholders’ Meeting and investor meetings. This indicates that the decision is not a spontaneous one but a well-prepared roadmap, aligning with the company’s new phase.
“Masan Consumer, the ‘crown jewel’ of Masan, embodies the passion, dedication, and sweetness in every moment of serving consumers. From Vietnam to the world, Masan Consumer proudly acts as an ambassador of Vietnamese cuisine, helping Vietnamese people take confident steps towards ‘going global,’ spreading the flavors of home, and reaching 8 billion global consumers with strong brands,” shared Mr. Nguyễn Đăng Quang, Chairman of Masan Group.
The event takes place at a significant time for Vietnam’s stock market: IPO activities are gradually reviving, and Vietnam has been upgraded to the “secondary emerging market” category by FTSE Russell. Despite foreign capital maintaining a cautious stance and occasional net selling, the upgrade raises expectations for improved liquidity, market quality, and interest from international funds. In a market seeking large-scale, transparent, and well-operated enterprises to bolster confidence, MCH’s move to list on HOSE transcends a single company’s story. It marks the emergence of a leading consumer stock, a timely highlight as the market seeks long-term stability.
The market needs balance and new “commodities”
The year-end market is often heavily influenced by cyclical sectors like real estate, finance, and construction materials, as well as public investment. In contrast, essential consumer goods offer higher stability due to recurring demand, less susceptibility to short-term fluctuations, and reflection of real economic purchasing power.
With nearly 30 years of development, a portfolio of familiar brands, and a 98% household penetration rate in Vietnam (according to Kantar’s 2024 report), MCH exemplifies a sustainable consumer enterprise. Brands like Nam Ngư, CHIN-SU, Omachi, Kokomi, and Wake-Up 247 have become integral to Vietnamese life, ensuring stable consumption even in challenging market periods.
The long-standing absence of FMCG blue-chips on HOSE has skewed the market towards economically sensitive sectors. MCH’s listing announcement introduces a rare dual-nature stock: stable enough for defensive roles yet maintaining clear growth potential due to its large scale and essential consumer demand. MCH’s arrival thus balances the market, offering investors a harmonious choice between “stability” and “growth.”
Market upgrade – A catalyst for leading consumer blue-chips
Upgrading Vietnam’s stock market to “secondary emerging” opens significant opportunities to attract international capital, particularly from long-term ETFs and active funds. Experts view this as just the beginning; for the market to truly thrive, Vietnam needs more large-scale enterprises meeting transparency and operational efficiency standards.
In this context, a leading consumer stock like MCH on HOSE holds symbolic importance: representing the essential needs of over 100 million people, with a stable and highly profitable FMCG business model.
Moving from UPCoM to HOSE significantly expands MCH’s accessibility to foreign investors. International funds prioritize companies with sufficient scale, stable profits across cycles, strong market share, recurring revenue, and high transparency—criteria MCH fully meets.
From 2017 to 2024, MCH’s revenue grew at a CAGR of 10-13%, reaching approximately $1.2 billion in 2024. During this period, EBITDA margins remained around 26%, over 400 basis points higher than 2017, among the highest in Southeast Asia. A gross profit margin above 42% and ROIC exceeding 200% (according to Masan Consumer’s internal calculations) highlight its efficient capital use in the FMCG sector. These metrics reflect the resilience of its essential-demand-based model, making MCH an ideal candidate for long-term capital.
Anticipating the December 4th event: Bolstering market sentiment and new expectations for 2025
The upcoming December 4th event is a crucial milestone for clarifying MCH’s listing roadmap. The company’s proactive year-end announcement signals confidence in growth prospects and readiness for more transparent, standardized governance.
For investors, it’s an opportunity to access comprehensive information about one of the largest FMCG companies, as the consumer-retail sector is projected to shine in 2025 due to domestic demand recovery and capital shifts towards stable sectors.
For the market, December 4th creates a positive psychological impact. A leading company’s move to HOSE, amid expectations of improved liquidity, sector diversification, and blue-chip consolidation, strengthens confidence in a more sustainable market structure.
With rising average incomes, an expanding middle class, evolving modern consumption behaviors, and Vietnam’s persistent goal of comprehensive upgrades, a strong FMCG company like MCH—with stable profitability and global vision—will play an increasingly vital role. The December 4th event not only boosts year-end sentiment but also marks the emergence of a new market cornerstone, a consumer stock blending defense and growth, supporting Vietnam’s stock market development for years to come.
| Masan Consumer, a subsidiary of Masan Group (HOSE: MSN), is one of Vietnam’s leading consumer-retail companies. Since its founding in 1996, Masan Consumer has continuously innovated to deliver quality products meeting the essential needs of millions of families. The company offers a diverse FMCG portfolio in seasonings, convenience foods, beverages, personal care, and household products, with well-known brands like CHIN-SU, Nam Ngư, Omachi, Kokomi, and Wake-up 247. Masan Consumer’s products are present in over 98% of Vietnamese households and exported to more than 26 countries, establishing it as one of the region’s most profitable FMCG companies. |
– 07:00 02/12/2025
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