MSR_Flash Note 16.04.2026

MSR held annual general meeting on April 16, 2026, with the following main agenda items:

 2026 Performance:

Q1.2026 Business results

In Q1.2026, MSR estimates net revenue of approximately VND 2,993 billion (2.15 times yoy), and net profit after tax of approximately VND 537 billion (compared to a loss of VND 222 billion in the same period last year). The main growth driver was supported by the tungsten price increase cycle, with the price of APT (ammonium paratungstate) – the company’s flagship product – increasing from approximately USD 315/mtu at the beginning of 2025 to over USD 3,100/mtu at the beginning of 2026.

2026 Plan

MSR presents two business scenarios for 2026, expected revenue is VND 16,000 billion (2.1 times yoy) – VND 20,300 billion (2.7 times yoy), and expected net profit is VND 1,700 billion (150 times yoy) – VND 2,500 billion (221 times yoy).

If the average APT price remains above $1,500/mtu, the company expects to achieve zero net debt in the 2027-2028 period. This opens up the possibility of paying dividends to shareholders.