Successful divestment in HCS
On Dec. 18, Masan High-Tech Materials (MHT), a subsidiary of Masan Group, announced the successful sale of 100% of its shares in H.C. Starck Holding (Germany) GmbH (H.C. Starck, HCS) to Mitsubishi Materials Corporation (MMC) Group.
As part of the transaction, MHT and HCS entered into a long-term, win-win APT and tungsten oxide offtake agreement, providing a strong anchor for MHT's order book. Masan also retains potential monetary upside from Nyobolt, a British fast-charging tungsten- and niobium-based battery technology company nearing scaled commercialization, as well as future commercialization of black mass recycling technology developed by HCS.
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Masan divests from HCS and focuses on consumer retail business. Photo courtesy of Masan |
Following the transaction, Masan will record a one-time after-tax profit, using the proceeds to reduce MHT's debt from approximately $670 million to $490 million. This will lower Masan's net debt-to-EBITDA ratio to around 3.17x by the end of 2024, aligning with its goal of maintaining this ratio below 3.5x.
Year-end retail market booms
The year-end holiday season, marked by company parties, family gatherings, and reunions, has driven a surge in consumer shopping demand. Retail activities in November 2024 were particularly dynamic as preparations ramped up for the 2025 New Year celebrations.
In November, total retail sales of goods and consumer services at current prices were estimated at VND562 trillion ($22.49 billion), an 8.8% increase compared to the same period last year. From January to November 2024, total retail sales reached VND5,822.3 trillion ($232.89 billion), an 8.8% rise from the same period in 2023, with a 5.8% growth rate excluding price effects. The November retail sales growth marked a four-month high, driven by strong consumer demand.
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Graphics by GSO |
Economists note that the year-end period typically contributes 30-40% of annual revenue for most retail companies. To capitalize on this, supermarkets have been running frequent promotions and preparing to meet heightened demand. For example, WinMart/WinMart+/WiN, Masan's retail chain, has collaborated with suppliers months in advance to increase stock levels by 20% compared to last year, ensuring product availability and price stability.
In addition, the National Assembly has extended a 2% value-added tax (VAT) reduction for certain goods and services from Jan. 1 to June 30, 2025. This policy is expected to further stimulate domestic consumption, benefiting companies like Masan.
Strong Q3 performance
Masan's latest financial report highlights its strong performance. In Q3 2024, Masan posted a profit of VND701 billion ($27.55 million), nearly 14 times higher than the same period last year and surpassing 130% of its base profit target.
Net revenue in Q3 2024 reached VND21,487 billion ($844.4 million), a 6.6% increase from VND20,155 billion ($792 million) in Q3 2023, driven by sustainable growth in retail consumer business segments. For the first nine months of 2024, Masan achieved VND60,476 billion ($2.37 billion) in net revenue, averaging VND220 billion ($8.65 million) per day.
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Production activities at Masan High-Tech Materials. Photo courtesy of Masan |
MSN stock price target at VND94,640 ($3.72)
In Q3 2024, global financial leader J.P. Morgan released an investment strategy report recommending increased exposure to Masan Group's MSN stock.
J.P. Morgan anticipates that government stimulus measures and favorable business cycles will drive economic activity in late 2024 and early 2025, positively influencing the stock market.
Masan is recognized as Vietnam's leading consumer goods conglomerate, with a diverse portfolio and an expanding retail network. J.P. Morgan has set a target price of VND94,640 ($3.72) per MSN share, with a 2025 price-to-earnings (P/E) ratio target of 39x and an enterprise value-to-EBITDA (EV/EBITDA) target of 12x.