MSH – Brief – [NONRATED] – Solid growth in 1Q25 but risks loom from 2Q25F onward

in 1Q25, MSH’s revenue posted to VND1,036bn (+34.5% yoy/ -27.5% qoq), the MSH’s revenue growth outperformed compared to Vietnam T&G export thanks to the robust growth of CMT orders. Gross profit fostered by 1.01x yoy but sliding by 33.3% qoq to VND191bn in 1Q25. MSH’s blended GM maintained at high level, pegging at 18.4% (+6.1%p yoy/ but -1.6%p qoq), we saw the CMT contracts mainly contributed to a high gross margin. SG&A/ revenue edged up due to higher costs of quality control as revenue growth. At the bottom line, 1Q25’s NPAT posed to VND43.3bn (+3.4% yoy).