Masan stock faces tungsten expansion test as MSR targets 8,000 tonnes
Published on 10/31/2026 at 00:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSWhat changes for investors
- Masan High-Tech Materials reported a sharp nine-month profit turnaround as tungsten prices and sales volumes increased.
- Management is expanding external feedstock sourcing and recycling to reduce reliance on the Nui Phao mine.
- The subsidiary expects a Ho Chi Minh City Stock Exchange transfer in 2027.
Masan Group is putting its tungsten business at the center of its next growth phase. At an investor meeting on October 26, Masan High-Tech Materials management outlined plans to expand production, diversify raw-material supply and prepare for a potential Ho Chi Minh City Stock Exchange listing in 2027, according to Masan Group.
Expansion beyond domestic mining
Masan High-Tech Materials currently produces around 6,000 tonnes of tungsten a year and is targeting 8,000 tonnes in 2027, with a longer-term objective of 10,000 tonnes. Management said orders for 2027 have already filled nearly all planned capacity.
The company is building a supply network of around 30 partners worldwide and is increasing tungsten recycling. The approach is designed to support higher processing volumes without relying solely on additional domestic mining, while giving the business more control over raw-material supply and costs.
Profit recovery supports dividends
In the third quarter, Masan High-Tech Materials reported revenue of 14,557 billion VND and net profit after tax of 2,148 billion VND. For the first nine months, net profit after tax reached 4,350 billion VND, compared with a loss of 211 billion VND in the same period last year.
The subsidiary expects total cash dividends of 6,000 VND per share for 2026 after a 1,000 VND payment in September and a further 5,000 VND interim dividend approved by shareholders. Management also expects a net debt-to-EBITDA ratio of about 1.4 times by the end of 2026 after the dividend payments.
Strategic relevance for Masan
The plans give Masan Group a broader route to grow its materials platform if tungsten prices weaken. The company said higher volumes, external feedstock and strategic partnerships should help sustain revenue in a less favorable pricing environment.
Masan High-Tech Materials is also pursuing a transfer from UPCoM to the Ho Chi Minh City Stock Exchange, expected in 2027. The longer-term goal is to become the largest supplier of deep-processed tungsten products outside China.
Masan Group at a glance
- Company: Masan Group
- Ticker: MSN
- Home exchange: Ho Chi Minh City Stock Exchange
- News date: October 28, 2026
- Key subsidiary: Masan High-Tech Materials
Masan's investor-relations page lists the group's third-quarter 2026 earnings release and presentation among its latest financial materials.
