MWG – Results in line; solid growth prospects – Update

• FY2019 results came in line with our forecast, with net profit jumping 33.2% yoy, driven by aggressive store launches and product diversification.
• MWG’s core growth outlook remains robust in FY2020, supported by further network expansion of DMX and BHX.
• We reiterate our Add call, with an unchanged TP of VND170,600.

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