Masan Group’s (MSN) 9M2022 profit growth was less than 20%, significantly lower than BVSC’s expectations at the beginning of the year, excluding the exceptional item from the revaluation of Phuc Long (~642 billion VND) according to a recent analysis report released by BVSC.
In terms of revenue structure, Masan’s meat processing segment contributed approximately 1,400 billion VND (an increase of 65.8% compared to the same period last year). This growth can be attributed to the success of the ‘Ponnie’ brand, leading in the sterilized sausage segment, and the popular ‘Cattle Cowboy’ brand, loved by both children and adults. Masan Consumer Holdings (MCH) revenue for 9M2022 also increased by 5.4% to over 19,000 billion VND.
Bạn đang xem: Ponnie Sausages and Cattle contribute significantly to Masan’s 1,400 billion meat processing segment in 9M2022
On the other hand, Masan MEATLife (MML) experienced the most significant decline in revenue. MML’s revenue for 9M2022 reached 3,232 billion VND, a decrease of 78.7% compared to the same period in 2021. This decline was primarily due to the exclusion of the animal feed segment. If we exclude this factor, the revenue only decreased by approximately 2.9%.
MML’s EBITDA also declined (-102.5%). Although the chilled meat segment performance declined due to falling pork prices, improvements in the poultry segment did not contribute significantly to the overall business results, except for the animal feed segment.
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BVSC believes that MML’s MEATDeli products, after rapidly expanding their coverage in 2020-2021, are currently experiencing a slowdown due to various reasons.
Specifically, in the pork segment, farm revenue decreased by 6% due to a decrease in live pig prices despite an increase in production. Chilled meat revenue also dropped by 28% from the high base of 2021 (when social distancing measures led to increased demand and higher prices in supermarkets/convenience stores).
In the short term, BVSC believes that Masan’s pork segment is facing difficulties.
Firstly, after experiencing rapid growth in the beginning, MeatDeli has slowed down due to increased competition from other chilled meat brands in the market.
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Secondly, challenging macroeconomic conditions are slowing down growth and the transition of meat consumption from traditional channels to modern channels. Consumers are seeking cheaper options to overcome the economic difficulties.
In the poultry segment, revenue grew by 22% due to both increased production and higher prices. This is because the price of chicken remains high compared to the low base of last year (due to COVID-19 and avian flu), resulting in positive gross margin and EBITDA margin for 3F.
Overall, BVSC believes that Masan’s strategy will face challenges as consumers tighten their spending due to unemployment, inflation, tighter credit, and declining asset prices.
Therefore, BVSC has adjusted its revenue forecast for both 2022 and 2023. For 2022, BVSC projects MML’s revenue to reach 4,545 billion VND, and for 2023, it is estimated to be 6,792 billion VND. BVSC assumes that efficient slaughterhouses will be able to enhance production capacity, thereby reducing losses in the business operations, leading to a decrease in losses by 2023.
Nguồn: https://muabimchocon.com
Danh mục: Tư Vấn
