MWG – Brief – [HOLD] – Waiting for the long-term growth to kick-off

In 4Q24, MWG reported a net revenue of VND34,574bn (+10.0% yoy) and NPAT of VND852bn. BHX opended 44 stores (to 1,770 stores; +72 YTD). Sales / store was maintained at a profitable level VND2.0 – 2.1bn / month. Per our estimation, BHX could has reported about VND110bn in profit in 4Q24 (from VND90bn in 3Q24) – the second quarter after expanding.