X-Point | MWG VND113,000 +29.4%: 2026 AGM — Breaking All-Time Highs, Ready to Accelerate

Event highlights

MWG maintains a consistent management direction: Q1/2026 earnings outperformed the overall market backdrop and were in line with BSC’s estimates in the latest report. BSC maintains its BUY recommendation on MWG with a medium-term target price of VND113,000/share, implying an upside of 29.4% versus the closing price on April 20, 2026. We will continue to update investors after MWG officially releases its Q1/2026 earnings results.

Latest report: https://www.bsc.com.vn/cong-ty/tong-quan/mwg/

Business results & 2026 plan

• Q1/2026 — maintaining a four-quarter streak of record-high earnings: Revenue reached over VND46,250bn (+28% YoY, +8% QoQ), while NPAT reached VND2,668bn (+72% YoY, +28% QoQ), completing 25% of the revenue plan and 29% of the profit plan, respectively.
• DMX — IPO expected: Q1/2026 earnings recorded net revenue of VND32,613bn (+30% YoY), supported by 50% YoY growth in deferred-payment revenue, while after-tax profit reached VND2,206bn (+49% YoY).
• Outlook: Growth is expected to continue next month, supported by seasonality, including the World Cup and air-conditioner demand, as well as positive momentum from BHX, especially at newly opened stores.