MASAN GROUP'S BOND - MSN121014 - Pinetree Securities

Bond August 22, 2023



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

Msn Entities

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.


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.


One of the largest joint stock commercial banks in Vietnam.

Financial Situation

In the first half of 2023, MSN’s business results remained positive despite the challenging macro environment, revenue growth was recorded at 3.6% YoY. Thanks to Masan’s retail-consumer integration platform that unites WinCommerce (“WCM”) and Masan Consumer Holdings (“MCH”), The CrownX (“TCX”) has successfully captured the recovery in consumer demand and recorded an impressive growth in operating profit of 38.8% year-on-year, contributing the most to Masan’s profit structure.

Masan’s loan balance at June 30, 2023: Long-term debt accounted for 54%, mainly bank loans and bonds issued for CAPEX  and business expansion. The Company always fulfills the financial obligations on time.

(VND Billion)
2019 2020 2021 2022 6T/2023
Net revenue 37,354 77,218 88,629 76,189 37,412
Gross profit 10,941 17,889 22,135 21,035 10,413
Profit after tax 5,558 1,234 8,563 3,566 868

Bonds Information

Masan Group’s Bonds

Issuance ScaleVND 500,000,000,000
(VND 500 billion)
Issue Date11/01/2021
Maturity Date11/01/2024
Term3 years
Coupon payment termevery 6 months
Coupon interest10.2%/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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Bản cáo bạch NY MSN121014

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