MWG – Non-rated note – 20181129

• MWG announced robust 10M18 performance with consolidated revenue of VND72,275bn (+36% yoy) and EAT of VND2,413bn(+33% yoy), fulfilling 84% and 93% of FY18 management’s for revenue and net profit target, respectively.
• Strong growth seen across retail categories with market share gains. The grocery chain, Bach Hoa Xanh (BHX), is still the main focus of management.
• BHX on track to break-even at the expense of slower expansion. MWG could ride the e-commerce growth story in Vietnam given its dominant position in electronics e-retailing.

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