Masan Group (MSN11) Fair Value & Analysis

Industrials · TH · Market cap 124B THB

Below-average quality, screening 100% undervalued on our models.

What matters now

• The price is below even our cautious bear case (6.92 THB). The market is more pessimistic than our downside scenario.
• Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (11 months)

White line = price, green steps = our fair value per fiscal year. As of Aug 14, 2026.

How to read this chart

11‑month range 3.28 THB – 4.44 THB · fair‑value band 6.92 THB – 9.90 THB · the 3.46 THB price screens below the 6.92 THB fair value. As of Aug 14, 2026.

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Analysis

Masan Group (MSN11) currently trades at 3.46 THB, while our model-based Fair Value estimate is 6.92 THB, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Revenue grew 53.5% year over year. It earns a return on equity of 21.8%. Net debt stands at 52.5T VND. The stock trades on a trailing P/E of 15.0. Fundamentals as of Aug 14, 2026

Our scenario range runs from 6.92 THB (bear case) to 9.90 THB (bull case); at 3.46 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at 100%, MSN11 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (1,932 THB) versus Asset-Based (655.18 THB). Highest evidence: P/E Multiple (63).

Key figures & financial health

Quality Score breakdown

About the company

Masan Group Corporation, an investment holding company, manufactures and distributes food and beverage products in Vietnam and internationally. It operates in five segments: Branded Consumer Products; MEATLife; High-Tech Materials; Consumer Retail; and Others.

Full company description

Masan Group Corporation, an investment holding company, manufactures and distributes food and beverage products in Vietnam and internationally. It operates in five segments: Branded Consumer Products; MEATLife; High-Tech Materials; Consumer Retail; and Others. The company offers soya sauce, fish sauce, seasoning, chili sauce, instant noodles, instant congee, instant coffee, instant cereals, bottled beverages, processed meat, and beer, as well as washing powder, liquid detergent, dishwashing liquid, and body wash. It sells its food and beverage products under the CHIN-SU, Omachi, Kokomi, Ponnie, Heo Cao B"i, Vinacafé, Wake-up, Wake-up 247, Compact, Lemona, Vinh H"o, Vivant, Quang Hanh, and Su T" Tr"ng và Red Ruby brands; and home and personal care products under the Joins and Super Net, Chante' and Sopa, Homey, and La'Petal. The company also operates a meat platform under the MEATLife name, which offers chilled and processed meat products under the MEATDeli brand; a retail platform under the WinCommerce brand; and tea and coffee chain under the Phuc Long brand. In addition, it is involved in the provision of financial products and services; production of fluorspar and bismuth; convenience food manufacturing and packaging; exploring and processing minerals, nonferrous metals, and precious metals, such as tungsten; animal protein activities; breeding swine; meat processing; chicken breeding and trading; construction and agriculture activities; retail sale of drugs, medical equipment, cosmetics, and hygiene products; telecommunication activities; and market research activities. Further, the company provides management and investment consulting; capital mobilisation; warehousing and storage services; and laundry services. The company was formerly known as Ma San Group Corporation and changed its name to Masan Group Corporation in August 2009. Masan Group Corporation was founded in 1996 and is headquartered in Ho Chi Minh City, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Masan Group reported revenue of 81.6T VND in FY2025 versus 76.2T VND in FY2022, a compound +2.3%/yr. Reported net income was 4.1T VND in FY2025, compounding +4.8%/yr from FY2022.

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Peer Group

Conglomerates · 385 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Conglomerates median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.