Company Report

Ambitious 2020E guidance; IPO HD Saison

CrownX JSC (CrownX) will be formed to take in Masan Group’s (MSN) ownership stakes in Masan Consumer Holdings (MCH) and VCM Services & Trading Development JSC (VCM

Overly bearish 2020E earnings guidance

Earnings guidance looking for 10% drop in earnings

VNM only plans for flat earnings growth in 2020E & further slowdown in sales

Guidance looking for 72% YoY drop in earnings for 2020E

Accelerating the delivery of three mega projects

Shareholders approve cautious 2020E earnings

Overly optimistic guidance but new order momentum

Fourth treasury sale; free float increases to 10%