MWG – Covid-19 pressure lingers – Update

• Confirmation of a DMX salesperson in Da Nang being infected with Covid-19 contributed to MWG’s share price plunge to a three-year low on 16 Mar.
• MWG has no plans to adjust its FY20F business targets.
• We reiterate our Add rating with a lower TP of VND142,100 following the downward revision of FY20F/21F/22F EPS by 11.4%/9.1%/6.2%.

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