Company Quarterly Earnings Update – MCH VN – 2021 9M

Summary of the 2021 9M results of Masan Consumer Corp. (MCH VN)

9M/2021 results: Highlights

  • Revenue increased 13.4% y/y to reach VND18,083bn. This growth rate is exceptionally strong, considering the high base of 9M/2020. MCH’s business has benefited from (1) increased demand driven by the stockpiling of foods and high convenience foods for studying & working from home due to a prolonged lockdown during the pandemic, (2) synergies achievement with WinCommerce systems (WCM), which was evident with 7.2% contribution of MCH’s sales through WCM network in 9M/2021 (up from 3.9% in 9M/2020).
  • Net profit increased 13.7% y/y to reach VND3,486bn. MCH’s gross margin improved from 41.8% to 42.2% thanks to (1) a higher contribution in total revenue of seasonings (33.6%) and convenient foods (33.1%), which have the largest gross margins, (2) processed meat’s gross margin improvement of est.160bps thanks to a robust revenue growth of 51.7% y/y.
  • Their financial position remained healthy (D/E ratio of 0.50x, D/A ratio of 0.28x). Loans to the parent company, MSN, remained high, amounting to VND6,259bn, accounting for 22.9% of total assets.


  • For 2021: we revised our estimation for revenue up to VND25,977bn (+11.3% y/y) and net profit to VND4,801bn (+3.6% y/y) thanks to (1) an impressive performance of premium fish sauce and new granules, (2) high demand for convenience foods during the pandemic, and (3) a great brand awareness and high appreciation from the market for the processed meat segment.
  • From 2022: growth is being fueled by (1) integration with WinCommerce, (2) product innovation across segments, (3) a recovery in beverage and home & personal care (HPC) segments from the low base of 2021 due to COVID-19. On the other hand, the growth of seasonings and convenience foods will slow down in 2022 from the high base of 2021. As a result, we estimate revenue to reach VND27,975bn (+7.7% y/y) and net profit to hit VND4,935bn (+2.8% y/y).

Company ratings and target prices are accessible for clients only.

If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.

Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.

Featured image credit: