22/05/2024
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We estimate that revenue and NPAT in 2024 will reach VND 130,000 billion (+9.91% YoY) and VND 2,400 billion (+1,337% YoY), respectively, EPS 2024 is 2,200 VND/share, equivalent to P/E fw 30x. We recommend BUY for MWG stock, target price 66,000 VND/share, upside 10% compared to the price on May 20, 2024 of 60,000 VND/share. INVESTMENT THESIS TGDD and DMX will recover thanks to: 1/ The outlook for the ICT segment will recover from the low base of 2023; 2/ New phone replacement cycle after 3-4 years from the peak of 2020-2021 will boost shopping demand. Bach Hoa Xanh leading the group with: 1/ Expect to reach EBITDA breakeven point thanks to good control of costs and supply chain, promoting multi-channel sales; 2/ Expect to expand into the North and IPO plans in the next 1-2 years help raise the group’s valuation. In addition, completing selling capital to CDH Investment earlier this year helped strengthen the chain’s business development resources. |
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