Masan Group Corp Equity Report

Masan’s recent capital injections from private equity and banking partners have accelerated nationwide expansion at WinCommerce (WCM) and Phuc Long (PHL), strengthening the group’s long-term growth strategy. At the same time, Masan Consumer (MCH) delivered a solid earnings beat in 4Q2025, reinforcing expectations for improved returns from 2026 onward after a rocky consumer retail market and changing spending habits.

In our newest Equity Report, we initiate an Overweight rating on Masan Corporation with a target price of VND 110,000.