Masan Group (MSN19) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Masan Group THB 4.76, price THB 2.98, upside +59.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Masan Group (MSN19) currently trades at 2.98 THB, while our model-based Fair Value estimate is 4.76 THB, implying the stock looks roughly 37.4% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 33.44 THB per share, and 6 of the 6 models we run sit above the 2.98 THB price.
Bear case: the Asset-Based group reads lowest at 21.07 THB, and 0 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.03 THB (bear) to 7.77 THB (bull), the price of 2.98 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 4.3B THB (≈ $129M) · P/E ratio 0.5 · P/S ratio 0.03 · EPS (TTM) 5.85 THB · Net margin 5.0% · Return on equity 21.8% · Return on assets (EBIT) 4.1% · Revenue growth (YoY) +53.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Industrials peers we cover trades at −16% fair-value upside, at 60%, MSN19 screens cheaper than that median.
Fair Value models
Bear 3.03 THBFair Value 4.76 THBBull 7.77 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (4.42 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−1.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
’22
’23
’24
’25
What shareholders gained per year (last 3 years), in VND (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+46.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.0%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 10%
2025 sits 104% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Conglomerates · 358 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−56.6% · Bottom 25%
Profitability
Return on equity (TTM)21.8% · Top 25%
Return on assets5.2% · Top 25%
Net margin (TTM)7.3% · Above median
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth53.5% · Top 25%
Balance sheet
Debt / equity1.14× · Highest 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Masan Group Fair Value". https://www.fairvalue-calculator.com/stock/MSN19
Frequently asked questions
Is Masan Group (MSN19) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4.76 THB versus a price of 2.98 THB, about +60% upside (undervalued).
What is the fair value of MSN19?
Our model-based fair value for Masan Group is 4.76 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 2.98 THB.
What is the quality score of MSN19?
Masan Group has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Masan Group (MSN19)?
Our model-based price target is the fair value of 4.76 THB (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 3.03 THB, optimistic scenario 7.77 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Masan Group stock forecast for 2026?
Our models put fair value at 4.76 THB, about +60% upside versus a price of 2.98 THB (undervalued). Cautious scenario 3.03 THB, optimistic scenario 7.77 THB. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Masan Group (MSN19)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Masan Group it is 4.76 THB per share (as of Sep 24, 2026), against a price of 2.98 THB. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Masan Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MSN19 trades below its calculated fair value: price 2.98 THB, fair value 4.76 THB, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MSN19?
No. The price is what the market pays today (2.98 THB); the fair value is what the company's own numbers justify (4.76 THB). For Masan Group the two are 1.78 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Masan Group worth?
The market values Masan Group at about 4.3B THB (market capitalisation, as of Sep 24, 2026). Per share that is 2.98 THB; our models calculate a fair value of 4.76 THB per share.
What do the bullish and bearish scenarios say about MSN19?
Our models span a range for Masan Group: cautious scenario 3.03 THB, base 4.76 THB, optimistic 7.77 THB per share (as of Sep 24, 2026, price 2.98 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MSN19?
Masan Group trades at a price-to-earnings ratio of 0.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.76 THB is built from several models across several years. Other multiples: EV/EBITDA 1.9.
How solid is the balance sheet of Masan Group (MSN19)?
Balance-sheet figures for Masan Group (as of Sep 24, 2026): return on equity 21.8%, debt of 1.14 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
Which stocks are comparable to Masan Group?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Masan Group stock attractive at the current price?
The data as of Sep 24, 2026: price 2.98 THB, calculated fair value 4.76 THB (+60%), Quality Score 46/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MSN19 calculated?
We run Masan Group through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 4.76 THB, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Masan Group currently trades 37 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Masan Group (MSN19)?
The closing price on Sep 29, 2026 was 2.98 THB. Our model-based fair value is 4.76 THB, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Masan Group right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (3.03 THB to 7.77 THB) leaves room in how you read the outcome.
Key figures of Masan Group
How large is the market capitalisation of Masan Group (MSN19)?
The market capitalisation of Masan Group is 4.3B THB (≈ $129M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Masan Group (MSN19)?
The price-to-sales ratio of Masan Group is 0.03 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Masan Group (MSN19)?
Earnings per share at Masan Group are 5.85 THB (price ÷ EPS = P/E 0.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Masan Group (MSN19)?
The net margin of Masan Group is 5.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Masan Group (MSN19)?
The return on equity (ROE) of Masan Group is 21.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Masan Group (MSN19)?
On an EBIT basis the return on assets of Masan Group is 4.1% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Masan Group (MSN19)?
Revenue at Masan Group is growing +53.5% versus a year earlier (3y avg +2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Masan Group (MSN19)?
Earnings per share at Masan Group are growing +201% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Masan Group (MSN19) generate?
The free cash flow of Masan Group is −509B VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Masan Group (MSN19) carry?
The net debt of Masan Group is 52.5T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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