External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Mobile World Investment / Equity Bottom-Up

<ul><li>We increase our target price (TP) by 1% and upgrade our rating to BUY from OUTPERFORM.</li><li>MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024-27F EPS CAGR of 29%.</li><li>Our higher TP is due to rolling our TP horizon forward to end-2025, partly offset by reducing our 2025-27F aggregate NPAT-MI of MWG’s ICT business by 12%, as we trim our GPM forecast for its ICT business in 2025 by 80 bps due to slower-than-expected broad-based recovery in Vietnam ICT’s industry, which softens the prospects of GPM enhancements.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our target price (TP) by 1% and upgrade our rating to BUY from OUTPERFORM.MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024-27F EPS CAGR of 29%.Our higher TP is due to rolling our TP horizon forward to end-2025, partly offset by reducing our 2025-27F aggregate NPAT-MI of MWG’s ICT business by 12%, as we trim our GPM forecast for its ICT business in 2025 by 80 bps due to slower-than-expected broad-based recovery in Vietnam ICT’s industry, which softens the prospects of GPM enhancements.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG [BUY +32.1%] - Strong Earnings Growth Outlook Despite Lower ICT Forecasts

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Thegioididong (TGDD) &amp; Dienmayxanh (DMX):</li><li>The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND 263 trillion by 2028.</li><li>The market share of the 2 chains has reached its limited level (~25% for TGDD &amp; ~60% for DMX), amid fierce competition with young retail chains and the rising dominance of e-commerce platforms, which have no service differentiation, but owns a pricing advantage</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thegioididong (TGDD) &amp; Dienmayxanh (DMX):The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND 263 trillion by 2028.The market share of the 2 chains has reached its limited level (~25% for TGDD &amp; ~60% for DMX), amid fierce competition with young retail chains and the rising dominance of e-commerce platforms, which have no service differentiation, but owns a pricing advantageContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG - Back on the Growth Race in the Medium Term by Bach Hoa Xanh

<ul><li>MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.</li><li>NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits.</li><li>TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits.TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

<ul><li>MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.</li><li>NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits. </li><li>TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ.NPAT-MI exhibited a drastic drop of 99% YoY, resulting in minimal profits. TGDD and DMX saw a significant decline in net revenue, with a YoY drop of 34% and a QoQ decrease of 11%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Mobile World Investment Corporation is a mobile retailer in Vietnam. The company specializes in mobile phones, tablets, laptops, accessories and other related products through its Thegiodidong store network.

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Mobile World Investment (MWG VN)

MWG [BUY +32.1%] - Strong Earnings Growth Outlook Despite Lower ICT Forecasts

MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024...

Vietcap

MWG - Back on the Growth Race in the Medium Term by Bach Hoa Xanh

The core markets (ICT and consumer electronics) have entered a saturation phase, with annual sales growth ranging from 1-5%, expected to reach VND...

Rong Viet Securities

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ. NPAT-MI exhibited a drastic drop of 99% YoY, resulting...

Rong Viet Securities

MWG - On Track to Sales Recovery, yet a Bumpy Road for Full Profit Restoration

MWG recorded a significant decline in Q1/23 net revenue, plummeting by 26% YoY and 11% QoQ. NPAT-MI exhibited a drastic drop of 99% YoY, resulting...

Rong Viet Securities

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

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