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MSN reports record-high Q2 2026 net profit growth; H1 2026 results achieve 73% of the full-year plan.
In Q2 2026, MSN recorded revenue of VND28,117 billion (+53.5% YoY) and net profit after tax (NPAT) of VND3,799 billion (+137% YoY). Cumulatively in H1 2026, net revenue reached VND52,137 billion (+40.1% YoY, achieving 56% of the full-year plan), while NPAT hit a record high of VND5,773 billion (up 2.2x YoY, achieving 73% of the full-year plan). The strongest growth came from MSR, although WCM remained the largest contributor, accounting for 44% of total revenue.
We believe MSN is capable of achieving revenue growth of over 20%, and NPAT growth of over 40% in 2026. Growth will mainly come from: (1) WCM, with a plan to open more than 1,000 new stores per year & growth in existing store revenue, (2) MCH, with the premium food segment helping drive growth, and (3) MSR, with APT prices expected to remain high, above USD1,500/mtu, in 2026 & expanded mining output in the Nui Phao Expansion and Nui Chiem areas.
