MSR Posts VND 4,350B 9-Month Profit, Plans VND 6,000 Dividend

Overview

Masan High-Tech Materials (MSR), listed on UPCOM, reported nine-month 2026 net profit before minority interest of VND 4,350 billion, reversing a VND 211 billion loss in the same period last year and exceeding its full-year plan by 74%. The result was driven by elevated international tungsten prices and higher output, and coincided with the completion of a 4.99% stake sale to US-based Elmet Group for USD 124.75 million and a proposed dividend of VND 6,000 per share.

Key Facts

• Nine-month 2026 revenue reached VND 25,687 billion, roughly five times the year-earlier figure; profit before minority interest was VND 4,350 billion versus a VND 211 billion loss.
• Q3-2026 standalone revenue was VND 14,557 billion, more than seven times the prior-year quarter, with profit before minority interest of VND 2,148 billion, up 29% quarter-on-quarter.
• The Fastmarkets APT High price index averaged USD 3,129/mtu in Q3, close to six times the year-earlier level.
• Tungsten sales volume rose 73% year-on-year in Q3; tungsten contained in output at the processing plant reached 1,786 tonnes, up 55% year-on-year and 25% quarter-on-quarter.
• External tungsten ore purchases increased 78% year-on-year, supplementing ore from the Núi Pháo mine.
• Elmet Group completed the purchase of a 4.99% MSR stake on 1 October 2026 for USD 124.75 million, implying an equity valuation of about USD 2.5 billion.
• Elmet signed long-term supply agreements covering roughly 1,250 tonnes of WO₃ equivalent per year for more than eight years; MSR proposes a dividend of VND 6,000 per share.

What Happened

According to the company’s published business results, MSR’s third-quarter revenue of VND 14,557 billion reflected both higher realized tungsten prices and increased volumes. The company said the APT High index published by Fastmarkets averaged USD 3,129/mtu in the quarter, near six times the prior-year level, as intermediate tungsten supply outside China remained constrained while industrial customers sought long-term feedstock security. MSR added that tungsten sales volume rose 73% year-on-year and that tungsten contained in plant output reached 1,786 tonnes, up 55% year-on-year.

Management attributed part of the volume gain to a 78% year-on-year increase in externally purchased tungsten ore, which allowed the company to use processing capacity beyond ore from its Núi Pháo mine. Separately, MSR confirmed that Elmet Group, a US tungsten materials company, completed its 4.99% stake purchase on 1 October 2026 at USD 124.75 million, alongside long-term supply agreements for about 1,250 tonnes of WO₃ equivalent annually over more than eight years. The company also said it is advancing cooperation with GB Innovation on tungsten concentrate. The filing does not disclose the precise dividend record date or payment schedule.

Market Context

MSR closed at VND 63,000 on 22 October 2026 on UPCOM. The stock sits in the Basic Resources sector, where Vietnamese materials names have traded on global commodity price swings rather than domestic demand. The tungsten price spike described in the filing is the dominant variable: MSR’s profit is levered to APT benchmarks set outside Vietnam, and the Q3 revenue multiple reflects price more than structural volume growth. UPCOM’s thinner liquidity relative to HOSE means headline earnings and the Elmet transaction are likely to be the main near-term price catalysts.

Strategic Significance

The Elmet transaction matters beyond the USD 124.75 million proceeds. A strategic US tungsten materials buyer taking a 4.99% stake, paired with an eight-year supply agreement for roughly 1,250 tonnes of WO₃ equivalent annually, gives MSR a Western industrial anchor customer at a time when supply diversification away from China is a policy priority in the US and Europe. MSR describes itself as the largest producer of intermediate and deep-processed tungsten products outside China, and the Núi Pháo complex plus external ore purchasing gives it flexibility to lift processed output without matching mine expansion. The VND 6,000 dividend, if paid, would mark a shift from loss-making to cash-returning status, though the payout ratio and funding source are not yet disclosed.

What to Watch

• Formal dividend announcement with record date, payment date and total payout value.
• Q4 and full-year 2026 results, particularly whether APT High prices hold near USD 3,000/mtu.
• Disclosure of Elmet supply agreement economics, including pricing mechanisms and volume ramp schedule.
• Progress on the GB Innovation cooperation and any further external ore purchase volumes.
• Foreign-ownership room and any additional stake sales or strategic investor filings on UPCOM.