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(EN) GTJASVN RS_MWG Equity Report _ Growth meets IPO catalyst_TP104,755_April 24, 2026

25/04/2026

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(EN) GTJASVN RS_MWG Equity Report _ Growth meets IPO catalyst_TP104,755_April 24, 2026

We maintain a positive view on MWG’s 2026 business outlook, underpinned by growth drivers from both the ICT-CE segment and the BHX chain. The ICT-CE segment continues to pursue a “quality-focused” optimization strategy through store network rationalization. For BHX, the company plans to accelerate expansion with approximately 850 new stores in 2026, although
average revenue per store may face short-term pressure due to rapid rollout.
We recommend “BUY” MWG, with a target price of 104,755 VND/share, implying a 24% upside from the closing price on April 23, 2026.

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