MWG – Direct strike from social distancing – Update

• MWG announced that it will close its consumer electronics stores in Hanoi in response to the government’s two-week social distancing period.
• We conservatively estimate that 28% of all TGDD and DMX stores, i.e. 548 stores, will be closed for up to a month starting from 26 Mar.
• We reiterate our Add call with a lower TP of VND139,900.

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