Masan High-Tech Materials targets after-tax profit up to 2.5 trillion dong this year, more than 200 times 2025, as tungsten prices surge.

Masan High-Tech Materials (MSR) plans to post after-tax profit of 2.5 trillion dong in 2026, more than 200 times the 2025 figure, driven by a sharp rise in tungsten prices. At the company’s annual general meeting on April 16, Phan Chiến Thắng, deputy general director of MSR, said the next wave of “ultra-wealthy” after the AI boom will be those holding essential industrial materials, with tungsten expected to remain a major revenue contributor.

2026 targets and key drivers

MSR set a 2026 revenue target of 20,300 billion dong and after-tax profit of about 1,700–2,500 billion dong, up roughly 150–220 times year-on-year.

The company highlighted tungsten’s technical advantages, including its ability to withstand temperatures above 3,400°C, hardness close to diamond, and good electrical conductivity. Tungsten is used as an interconnect material in microelectronics and in defense-related manufacturing, and management said it has few perfect substitutes. MSR noted that tungsten prices have risen severalfold over the past year, with volatility not seen in more than two decades.

Sensitivity to APT and price scenarios

Management said for every $100 increase in APT (ammonium paratungstate) price, MSR expects an additional $50 million in revenue and $10 million in after-tax profit.

On debt repayment, MSR indicated that if tungsten prices reach $1,500 per mtu, the company could repay debt by 2028, with earlier repayment if prices rise to $2,000.

Balance sheet and financing metrics

End-2025 net debt was about 10.4 trillion dong, with debt/EBITDA at 4.8x, improving from 6x a year earlier.

Production outlook and resource expansion

Last year, the Nui Phao mine’s life was extended to 2044, with reserves of 55 million tonnes. MSR was also granted rights to mine an additional 28 million tonnes, expected to begin operations in the next quarter.

To optimize refining capacity at its subsidiary Masan Tungsten (MTC), MSR said it has imported additional ore for refining and works with more than 20 suppliers, including Mitsubishi of Japan.

Demand outlook for tungsten and other products

Management forecast that a global AI infrastructure investment cycle could reach $5–8 trillion by 2030, supporting tungsten demand of 24,000 tonnes. Over the last five years, MSR said it has held about 21% of non-Chinese tungsten supply on average.

Beyond tungsten, MSR said multi-metal ore from Nui Phao can be processed into fluorspar, copper concentrate, and bismuth—materials it described as important for industry and electrification.

Recent performance and corporate actions

MSR reported that first-quarter results were favorable, with after-tax profit of around 540 billion dong (approximately $20 million).

The company also plans to list from UPCoM to HoSE after Masan sells an additional 2% stake to reduce its ownership in MSR.