KEY UPDATES

Masan High-Tech Materials Joint Stock Company (MSR) is a member of the Masan Group. Established in 2010, the company is primarily engaged in the mining and processing of industrial minerals. MSR currently operates the Nui Phao polymetallic mine and a tungsten processing plant in Thai Nguyen province. It is the largest producer of mid-stream tungsten products outside of China.

MSR’s core product portfolio includes tungsten, copper, fluorspar, and bismuth—critical materials widely used in key modern industries such as electronics, chemicals, automotive, aerospace, energy, and pharmaceuticals.

With access to one of the world’s largest mineral reserves, MSR stands to benefit from tightening global supply conditions, especially amid escalating trade tensions. Production and revenue are expected to improve from 2025 onward, following the anticipated reinstatement of blasting activities at the Nui Phao mine.

The divestment of H.C. Starck (HCS) has allowed MSR to deleverage, enhancing its financial flexibility and profitability outlook.

In a high-inflation environment, commodity stocks like MSR may attract increased investor interest as a defensive hedge.

RECOMMENDATION

Our valuation results suggest a target price of VND 17,500 per share.
As of the close on April 24, 2025, MSR was trading at VND 16,000 per share, implying a P/B ratio of 1.44.
We recommend a NEUTRAL rating for MSR. A more attractive entry point would be in the range of VND 12,000–13,000 per share, which is closer to its book value per share (BVPS).