Retail – Note – [NONRATED] – Better or worsen depends on macro conditions

In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid potential tariff impacts and weakening confidence. MWG saw strong growth driven by BHX’s rapid expansion, while FRT’s growth slowed due to the slower expansion of FPT Shop and weaker momentum at FPT Shop. Meanwhile, PNJ faced dual pressures from high gold prices and soft demand, with only a mild recovery expected ahead.