Masan makes it to inaugural Fortune Southeast Asia 500 list

June 20, 2024 - 08:00
The Masan Group Corporation (MSN) has been named in Fortune magazine’s first ever Fortune Southeast Asia 500 list. 


Customers shop at a WinMart store belonging to Masan Group in HCM City. — Photo courtesy of Masan.

HCM CITY — The Masan Group Corporation (MSN) has been named in Fortune magazine’s first ever Fortune Southeast Asia 500 list. 

The largest companies in the region are ranked by revenues during fiscal 2023, and Việt Nam is represented by 70 companies.

As a major player in the consumer goods manufacturing and retail sector, Masan Group’s revenues exceeded US$3.2 billion last year.

The conglomerate operates across a number of sectors such as retail, consumer goods manufacturing, livestock processing, telecommunications, and mining.

The Masan stock has received a thumbs-up from both domestic and international financial institutions in 2024. 

J.P. Morgan has identified the Masan stock as a top investment priority in the Vietnamese market, projecting significant growth potential with a target price of VNĐ102,000 in 2024. 

The assessment is based on the company’s strong presence in the retail market and strategic capital allocation towards the consumer and retail sectors.

HSBC has recommended buying the stock with a target price of VNĐ98,000, while Vietcap Securities has a target price of VNĐ102,800. 

The stock is listed on the HCM City Stock Exchange and is in the VN30 group of blue-chip stocks, representing a substantial portion of its market capitalisation and trading value.

By attracting foreign capital and seizing funding opportunities from the international investment market, Masan and its stock have positioned themselves as appealing investment options. 

The recent $250 million equity investment from Bain Capital, along with previous investments from various foreign funds and corporations such as KKR, SK Group, the Abu Dhabi Investment Authority, SeaTown Holdings, and Alibaba underscore the confidence in Masan.

Besides, Masan’s dedication to environmental, social, and governance (ESG) initiatives has earned it a place in various prestigious rankings and underscoring its commitment to sustainable business practices. 

Through corporate social responsibility programmes and investments in wastewater treatment systems, it actively contributes to environmental protection and community development while upholding high standards of operational excellence.

Fortune’s attention to the region coincides with Southeast Asia’s increasing importance in the global economy due to shifting supply chains and the rapid development of its economies. 

The list includes companies from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia. 

Indonesia leads with 110 companies followed by Thailand with 107, Malaysia with 89, Singapore with 84, Việt Nam with 70, the Philippines with 38, and Cambodia with two.

The top 10 in it reported revenues of $650 billion, or a third of the 500 companies’ $1.8 trillion. 

The smallest in the list had revenues of $460.8 million.

The energy sector had the highest revenues of $590.7 billion. 

Banking, with $242 billion, was the second largest sector. Notably, nine banks ranked among the top 20 profitable companies.

Overall, revenues and profits of companies in the list contracted in 2023. But, caused by weak energy markets, this was overshadowed by the remarkable growth stories in a number of other industries. 

Fortune, a global media company, assesses corporate performance through stringent benchmarks and ensures companies’ accountability across regions worldwide. — VNS 

The headquarters of Masan Group in HCM City. — Photo courtesy of Masan.