MSR chairman: If APT reaches $2,000 per mtu, the company could fully repay debt by 2027 and begin paying dividends

MSR (Masan High-tech Materials) held its 2026 Annual General Meeting (AGM) on April 16. The company is one of the largest tungsten producers outside China and operates the Nui Pháo multi-metal mine, described as one of the world’s largest integrated tungsten mines.

2025 performance and drivers

In 2025, MSR reported net revenue of about VND 7,440 billion, down 48% year over year, attributed to the sale of HCS. Excluding HCS, 2025 revenue increased 19% year over year.

After two years of losses totaling more than VND 1,000 billion, MSR returned to net profit of about VND 11 billion in the current year. The improvement was supported by higher metal prices—particularly tungsten—amid tight supply and geopolitical tensions.

MSR cited a sharp rise in the price of Ammonium Paratungstate (APT), a tungsten intermediate product. By end-2025, the APT price was around USD 900/mtu, up from USD 340/mtu at end-2024.

Operational improvements

Operational improvements also helped margins. MSR reported its EBITDA margin rising from 28.44% in 2024 to 29.22% in 2025.

Tungsten and fluorit recovery rates reached 56.3% and 58.2%, respectively, compared with 55.5% and 54.7% in 2024.

AGM plans and corporate actions

At the AGM, MSR outlined plans including revenue and net profit targets under two scenarios:

• High scenario: revenue of VND 20,300 billion and net profit of VND 2,500 billion.
• Low scenario: revenue of VND 16,000 billion and net profit of VND 1,700 billion.

The company also stated it will not pay a dividend.

MSR further proposed an ESOP program issuing up to 10,998,295 shares at VND 15,000 per share, with issuance timing in 2026 or early 2027.

In addition, MSR plans to delist from UPCoM and list on HOSE.

Q1 2026 results and APT price surge

In Q1 2026, the APT price surpassed USD 3,100/mtu, well above prior projections. MSR’s preliminary Q1 2026 results showed net revenue of about VND 2,993 billion (roughly USD 112 million) and net profit of about VND 537 billion (roughly USD 20 million), far exceeding MSR’s 2025 full-year profit.

Management commentary on market outlook

At the AGM, Mr. Danny Le said the global AI and semiconductor value chain cannot be without two key metals, including material from Nui Pháo (WF6). He described Nui Pháo as a strategic asset entering a new era for the global technology industry.

Mr. Le said MSR currently holds a share of up to 21% of the market outside China in this complex tech value chain.

He also noted that the APT price rose from about USD 330 to USD 3,200. The increase was attributed to massive AI demand, competition and geopolitical tensions, as well as a 33% drop in ore content outside China. He added that stricter environmental policies in China are tightening supply, making a repeat of prior low-price conditions unlikely.

Debt repayment and production expansion

Mr. Le estimated that if APT remains at USD 1,000/mtu, MSR expects to repay debt by 2028. If the price reaches USD 2,000, the company could repay debt as early as 2027, begin to realize profits, and start paying dividends.

Over the next three years, MSR plans to raise production capacity from the current 2,000 tonnes per year to 5,000–6,000 tonnes per year.