MWG – In Bach Hoa Xanh, we trust – Update

• 2Q20 net profit dropped 34.2% yoy following a 3.6x yoy surge in provision expenses.
• 1H20 net profit edged down 2.4% yoy to VND806bn, forming 53% of our FY20F forecast.
• We reiterate Add and revise our TP up to VND11,000 given the imminent shift to HOSE from UPCOM.

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