MASAN GROUP’S BOND – MSN121013

Company Information

Masan Group was established in November 2004, is one of the leading multi-industry companies in the private sector of Vietnam with the slogan “doing well by doing good”.

Masan owns a unique retail-consumer platform that creates an extensive digital ecosystem, ensuring profit targets when scaling up. Masan built the Mini Mall model – all in one: serving a variety of products and services for all family members. Masan applies AI and ML technologies to increase the ability to understand consumers. Combining data from offline channels, Masan provides services to help users have outstanding experiences in all fields.

Masan owns a diverse ecosystem

The CrownX

The retail consumer platform that unites Masan’s interests at MasanConsumer Holdings (MCH) and WinCommerce (WCM) – towards the vision of becoming an integrated Point of Life.

MasanConsumer Holdings

Investing in the food and beverage industry, becoming a market leader across the portfolio of goods in which Masan Consumer operates.

WinCommerce

The number of Winmart and Winmart+ supermarket systems continuously hold the number one position in the top 10 prestigious retail companies according to the Vietnam Report poll

Masan MeatLife

Specializing in providing quality MeatDeli pork and 3F chicken products.

Masan High tech Material

The largest private mineral resource processing company in Vietnam, operating the Nui Phao polymetallic mine project.

Techcombank

One of the largest joint stock commercial banks in Vietnam.

Financial Situation

Masan Group’s 2022 consolidated profit margin increased by 1.5% to 28%, MSN’s net revenue reached VND 76.2 trillion and gross profit reached VND 21 trillion. In which, MCH and WCM are the two main contributors to Masan Group’s revenue and growth (83.5%).

Masan’s loan balance as of December 31, 2022: Long-term debt accounted for 43%, mainly bank loans and bonds issued for the purpose of CAPEX investment and business expansion. Long-term interest rates are at 3%-11% with an average term of 3-5 years. Masan Group always fulfills its financial obligations on time.

MASAN Group (VND Billion)	2018	2019	2020	2021	2022
Net revenue	38,188	37,354	77,218	88,629	76,189
Gross profit	11,881	10,941	17,889	22,135	21,035
Profit after tax	4,916	5,558	1,234	8,563	3,566

Bonds Information

Masan Group’s Bonds

Issuance Scale	VND 500,000,000,000 (VND 500 billion)
Issue Date	11/01/2021
Maturity Date	11/01/2024
Term	3 years
Coupon payment term	every 6 months
Coupon interest	10.1%/year at current period

* Pinetree only offers liquidity support for the bonds distributed by Pinetree and bonds bought by investors from Pinetree.

** The liquidity support service offered by Pinetree will be at an appropriate call price under market conditions at times during the maturity of the Bonds.

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