Masan shares undervalued by 60%: CEO

Masan Group’s MSN shares are trading at a steep discount to intrinsic value and the corporation targets stronger cash generation over the next decade, said CEO Danny Le.

Speaking at Masan’s 2026 annual general meeting on Friday, he said the stock is undervalued by as much as 60%, reflecting gaps in how the company has communicated its strategy and growth story to investors.

Masan has not fully articulated its journey and integrated strategy, he said, adding that the market currently values Masan largely based on its core consumer and retail units, without fully reflecting contributions from other businesses.

Segments including Masan MEATLife, Phuc Long and WinCommerce are expected to gradually unlock value, while concerns about cash generation are easing as operating margins remain solid, the CEO added.

Masan currently involves retail, food & beverage, branded chilled meat, tea & coffee, financial services, and materials for high technologies.

Chairman pledges $114 mln return to shareholders

Chairman Nguyen Dang Quang said 2026 marks Masan’s 30th anniversary and highlighted a turnaround at WinCommerce, which the group acquired seven years ago.

WinCommerce is currently operating the largest modern food retail system in Vietnam. WCM owns the WinMart supermarket chain and WinMart+/WiN (formerly VinMart/VinMart+) mini-supermarket chain, with over 4,000 locations nationwide, including rural areas.

“Seven years ago, we took on losses of VND3 trillion ($113.8 million). This year, we hope to return that amount to shareholders,” he said.

Quang said Masan aims to build an integrated consumer-retail platform by combining its branded goods, retail network and technology capabilities, drawing parallels with global firms built on strong brands and distribution ecosystems.

Target to cut consumer costs by 10%

Masan aims to help Vietnamese consumers reduce essential spending by 10%, up from a previous 5% target that the company says it has already achieved.

The group also seeks to improve efficiency across its supply chain, enabling partners to either save or gain around 10%, while targeting a 20% increase in employee income to lift living standards.

Strong growth across business segments

Masan reported strong business momentum, with total revenue rising 27% year-on-year and profit reaching about VND2 trillion ($75.87 million), doubling from a year earlier.

By segment, WinCommerce grew more than 30%, Phuc Long (tea & coffee chain) 35%, Masan Consumer (MCH) 13% and Masan MEATLife (MSL) 20%. One subsidiary, previously loss-making, returned to profit of over VND500 billion (18.97 million).

The company has also strengthened its balance sheet, with net debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) below three times, reduced annual interest costs by about VND500 billion (18.97 million), and extended debt maturities to 2030-2031 to support liquidity.

Chief financial officer Doan Thi My Duyen said the company currently generates annual cash flow of around $500-600 million and is targeting $1 billion by 2030.

The company focuses on using this cash flow to reinvest and open new retail outlets, while optimizing borrowing to generate profits that exceed the cost of capital.

CEO Danny Le said geopolitical volatility may weigh on investor sentiment in the near term, but expressed confidence in Masan’s long-term outlook, particularly as Vietnam’s stock market moves towards emerging market status, which could support valuations.

On the Ho Chi Minh Stock Exchange (HoSE), MSN shares closed Friday at VND77,200 ($2.93).