MWG
25
February
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...
03
January
Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter
In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....
15
November
Retail – Note – [NONRATED] – A run-up for the peak sales season
Despite the Yagi Typhoon impacts, we saw a continuing recovery of listed retailers/distributors in 3Q24. In 4Q24F, we believe that consumer spending would be stronger because of (1) the recovery...
30
September
Securities – Note- [NONRATED] – Circular 68 on non-prefunding
The main amendments of Circular 68 are largely centered on 1) allowing foreign institutional investors (FII) could be short of funds when placing a buying share order 2) the securities...
25
September
MWG – Brief – [HOLD] – BHX expanded after a long wait
In Aug 24, BHX opened 17 stores to increase the total number to 1,721 stores (+23 stores YTD), which is faster than the open of 2 – 3 stores in...
20
August
MWG – Brief – [HOLD] – BHX would open 50 – 100 stores in 2H24F
In 2Q24, MWG reported a net revenue of VND34,134bn (+15.8% yoy; 102% of our forecast), while NPAT increased to VND1,173bn (+66x yoy; 113% of our forecast). In 2Q24, BHX posted...
28
June
Retail sector – In-depth – [NONRATED] – It’s time for a sprint
In 1Q24, we see that consumers’ confidence reached the highest level of 78% in the last 5 quarters. Together with a more bustling production activity (especially in 2Q24 with IIP...
15
May
Retail – Note – [NONRATED] – Weak demand had different impacts
Consumer demand, in general, is not strong during the Tet holiday, but the impact varies among listed retailers. On the positive side, the consumer confidence index in 1Q24 increased to...
Featured Analysis
HAH – Brief – [NONRATED] – Right size at the right time
Strategy Monthly: Bottom of the 8th 3-year cycle?
PLX – Earnings review – [BUY] – 1Q25: Oil turbulence hit hard
Derivatives: Uptrend confirmed
Market commentary: Continued growth momentum
VSC – Brief – [NONRATED] – Non-core boosted 1Q25 under cautious outlook
April 2025: The return of real estate issuance
