| Title | X-Stock | MWG VND 113,000, +27%: Welcoming the dawn |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | MWG |
| Detail |
Date : 09/02/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 324 Kb Download: 0 Download |
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| Short Content |
INVESTMENT THESIS
Catalyst: MWG re-rating through the IPO of DMX in 2026. KEY 2026 EARNINGS EXPECTATIONS 2026 business plan: MWG targets net revenue and NPAT of VND 185,000 billion (+18% YoY) and VND 9,200 billion (+30% YoY), respectively. Growth will continue to be driven by DMX (revenue +14% YoY and NPAT +20% YoY), and BHX (revenue +18% YoY and NPAT +127% YoY). 2026 earnings forecast: Based on: (1) the company’s “quality over quantity” strategy and operational optimization efforts during 2022–2025, which have gradually proven effective as MWG exceeded its business plans for two consecutive years, achieving 155% of its 2024 plan and 145% of its 2025 plan; and (2) the industry shift toward greater transparency, which should help leading modern retailers such as MWG capture market share expansion opportunities.
Accordingly, we raise our 2026 earnings expectations for MWG, with net revenue and parent-company NPAT forecast at VND 184,793 billion (+18% YoY) and VND 9,112 billion (+89% YoY), respectively. This is broadly in line with MWG’s 2026 business plan. Compared with our previous forecast, revenue is revised -4% due to adjustments to non-core business segments, while parent-company NPAT is revised up by +6%, corresponding to a 0.5 percentage-point improvement in profit margin versus our previous estimate, reflecting our more positive outlook on MWG’s two core business segments. |