Rumor - MSN 
Q4/2025
Revenue: ~VND 26,553 bn (+17% YoY)
Net profit: ~VND 2,032 bn (+18% YoY)

WCM: 11M/2025 revenue ~VND 35,000 bn; LFL +9.1%; stable profitability.
MML: benefits into year-end from rising hog prices (tight supply, strong Tet demand).
MSR: tungsten &amp; rare-metal prices are expected to stay high through 2026, supporting revenue.

FY2025 Net profit (PAT):  at ~VND 3,900 bn (+90% vs 2024).
Rationale: MSN is set to capitalize on the recovery in domestic consumption and favorable global commodity prices. Cost optimization in newer areas and scaling its essential retail model provide a solid base for near-doubling profit versus last year.

Rumor - MSN 
Q4/2025
Revenue: ~VND 26,553 bn (+17% YoY)
Net profit: ~VND 2,032 bn (+18% YoY)

WCM: 11M/2025 revenue ~VND 35,000 bn; LFL +9.1%; stable profitability.
MML: benefits into year-end from rising hog prices (tight supply, strong Tet demand).
MSR: tungsten & rare-metal prices are expected to stay high through 2026, supporting revenue.

FY2025 Net profit (PAT):  at ~VND 3,900 bn (+90% vs 2024).
Rationale: MSN is set to capitalize on the recovery in domestic consumption and favorable global commodity prices. Cost optimization in newer areas and scaling its essential retail model provide a solid base for near-doubling profit versus last year.