Masan High-Tech Materials Delivers 3-Digit Quarterly Profit, Targets Breakthrough Growth in 2026
Masan High-Tech Materials (MSR) delivered a strong financial performance in the first quarter of 2026, recording the highest quarterly profit in its operating history. The results signal the potential beginning of a new growth phase, supported by a combination of internal operational improvements and favorable developments in the global high-tech materials market.
A Strong Start to 2026
In Q1 2026, MSR reported revenue of VND 2,993 billion, up 115% year-on-year, while net profit after tax reached VND 537 billion, the highest quarterly profit since the company began operations. The strong performance was largely driven by the tungsten segment, the company’s core business, which generated VND 2,445 billion in revenue, a 218% increase compared to Q1 2025.
Momentum is expected to continue into the second quarter. Based on preliminary estimates from April performance, MSR’s net profit in Q2 2026 could reach approximately VND 690 billion. Looking further ahead, the company expects production volumes to increase significantly from the third quarter onward, supported by the recently approved addition of 28 million tons of ore reserves under its mining license.
Despite the current market price of ammonium paratungstate (APT) fluctuating between roughly USD 2,000 and USD 3,000 per mtu, MSR built its 2026 business plan on a more conservative assumption of approximately USD 1,200 per mtu. Under this scenario, the company targets revenue of VND 16 trillion to VND 20.3 trillion in 2026, nearly three times higher than the previous year. Net profit after tax is projected to reach between VND 1.7 trillion and VND 2.5 trillion, implying triple-digit growth.
Capturing Opportunities in the Critical Minerals Market
The sharp rally in global tungsten prices has created a favorable environment for MSR to expand margins, particularly as global supply remains constrained by tightening mining and export controls in China. The price of APT – an intermediate tungsten product – has surged from around USD 315 per mtu at the beginning of 2025 to more than USD 3,100 per mtu in early 2026.
Higher prices significantly enhance the company’s cash generation capacity. At the 2026 Annual General Meeting, management stated that every USD 100 increase above the base assumption of USD 1,164 per mtu could increase MSR’s annual revenue by approximately USD 50 million and net profit by around USD 10 million.
Looking further out, MSR estimates that between 2027 and 2033 its annual profit could exceed USD 500 million even if APT prices average only USD 1,500 per mtu.
Positioned for Long-Term Value Creation
MSR is entering a phase where multiple structural drivers are aligning. Global demand for strategic minerals is accelerating amid rapid investment in artificial intelligence, semiconductors, and advanced electronics—industries that rely on high-performance materials such as tungsten.
At the same time, much of MSR’s core infrastructure and processing capacity has already been established. As production volumes and selling prices increase, incremental revenue can translate into profit at an accelerated pace.
If the company achieves its revenue target of more than VND 20.3 trillion in 2026, its operational scale would nearly triple compared to previous years.
Management also noted that if APT prices remain above USD 1,500 per mtu, MSR could reach a net cash position – where cash exceeds total debt – by the end of 2027 or, more conservatively, by early 2028. The company is also preparing to transfer its listing from UPCoM to the Ho Chi Minh Stock Exchange, a move expected to improve liquidity, broaden the investor base, and allow the market to more accurately reflect the company’s intrinsic value.
Source: Báo Thanh niên
