{"id":33564,"date":"2025-10-15T16:54:06","date_gmt":"2025-10-15T09:54:06","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=33564"},"modified":"2025-10-17T16:54:39","modified_gmt":"2025-10-17T09:54:39","slug":"gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/","title":{"rendered":"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2025\/10\/GTJASVN_MWG-Equity-Report_Back-to-the-growth-trajectory_TP80496VND-Hold_Oct-14-2025-1.pdf\">GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025<\/a><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">MWG is returning to a new growth cycle in 2025\u20132030 with three key drivers:<\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\"><strong>(1) Recovery of the ICT and electronics segments after restructuring, reducing the number of stores (-7%) while increasing revenue quality (+20%) compared to the beginning of the year<\/strong>. Revenue is expected to reach VND 100,600 billion (+12% YoY). <strong>MWG is preparing an IPO plan for the Era Blue chain in Indonesia after 2027<\/strong>. The chain\u2019s business performance has improved significantly; after the pilot phase in 2023\u20132024, Era Blue has opened 124 stores, all of which are profitable.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>(2) BHX is becoming the primary growth engine with an IPO planned in 2028, which will help re-rate MWG\u2019s valuation<\/strong>. It has strong growth momentum driven by successful expansion in the Central region along with plans to expand to the North, and is expected to deliver around VND 500 billion in net profit this year (+40% YoY). However, MWG\u2019s ambition to list BHX early can be realized still depends on BHX\u2019s accumulated losses of more than VND 6,900 billion can return to positive retained earnings.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>(3) Business efficiency improves thanks to the expansion of the online segment: <\/strong>leveraging the strong e-commerce infrastructure of TGD\u0110\/\u0110MX, BHX also targets to increase the online revenue contribution from 5% to 10% within the next two years. The online channel helps reduce rental pressure, thereby supporting profit margins.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In addition, the AvaKid segment and An Khang Pharmacy have not shown significant breakthroughs yet; we will continue to update developments in upcoming reports.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>VALUATION AND RECOMMENDATION<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We apply the SOTP valuation method and determine the fair value for MWG at <strong>VND 80,496 per share<\/strong>, with a <strong>\u201cHold\u201d<\/strong> recommendation. MWG is entering a favorable business cycle with BHX as its main growth driver. In the long term, the IPO plans of its subsidiary retail chains are key catalysts that may help re-rate the company\u2019s valuation.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"width: 100%;height: 10px\">\n<tbody>\n<tr style=\"height: 10px\">\n<td style=\"height: 10px\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-33564","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 MWG is returning to a new growth cycle in 2025\u20132030 with three key drivers: (1) Recovery of the ICT and electronics segments after restructuring, reducing the number of stores (-7%) while increasing revenue quality (+20%) compared to the beginning of the year. Revenue is expected [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T09:54:39+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/\",\"name\":\"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2025-10-15T09:54:06+00:00\",\"dateModified\":\"2025-10-17T09:54:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_mwg-equity-report_back-to-the-growth-trajectory_tp80496vnd-hold_oct-14-2025\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 - GTJA","og_description":"GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 MWG is returning to a new growth cycle in 2025\u20132030 with three key drivers: (1) Recovery of the ICT and electronics segments after restructuring, reducing the number of stores (-7%) while increasing revenue quality (+20%) compared to the beginning of the year. 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