X-Stock | DMX NR February 2026 Business Results Update and DMX IPO Outlook

INVESTMENT THESIS
Maintaining our view from the MWG report.

• After the 2023–2025 restructuring period, we expect 2026 earnings to mark a pivotal year, breaking the market perception of a historical “ceiling” for revenue and NPAT set in 2022. This will be supported by the company’s ability to capture structural shifts in the industry, leverage its consumer service ecosystem, and benefit from an optimized operating model.
• DMX is expected to unlock a higher-quality growth phase during 2026–2030, with revenue CAGR of around 11% per year and NPAT CAGR of around 16% per year. This will be driven by an upgraded concept in which sales serve as the starting point of the customer lifecycle, supported by financial-consumer services, DMX technician services, Superapp, and the potential of Erablue.

Key factors to monitor: IPO timing and valuation.

2026 OUTLOOK

Based on the MWG report, DMX’s parent company, BSC expects net revenue and NPAT to reach VND 117,429 billion (+11% YoY) and VND 7,325 billion (+26.7% YoY), respectively, equivalent to 96% of the revenue plan and 100% of the NPAT plan. The main growth drivers are expected to come from growth across most product categories, together with leverage from consumer finance solutions that make purchases more accessible for customers. In addition, the operating model at stores has reached an optimized state after the 2023–2025 restructuring period.

However, BSC believes the key variables affecting the company’s short-term earnings will mainly come from the complex developments in the conflict between the U.S. and Iran, as well as persistently high deposit interest rates, which may put pressure on demand for non-essential products.

2026 AGM UPDATE

Dien May Xanh Investment JSC has approved its initial public offering plan, with a maximum offering size of 16.3% of charter capital, after the company completes a 1% ESOP issuance to employees in 2025. Key details include: (i) charter capital is expected to increase by around VND 1,795 billion, bringing total charter capital to more than VND 12,800 billion; (ii) the offering price per share is expected to be no lower than the book value per share of VND 16,163/share; (iii) proceeds will be used mainly to repay short-term debt and supplement working capital for business operations; and (iv) the offering is expected to take place in 2026.

The objective of DMX’s IPO is not only to properly re-rate the value of a successful business model with stable cash flow, but also to represent a strategic step toward more independent and transparent operations. In addition, the IPO will provide DMX with an opportunity to demonstrate that the electronics retail market is not yet saturated, while unlocking new growth pillars for the 2026–2030 period under the leadership of the F2 management generation. This creates an investment opportunity for shareholders seeking stable growth and cash dividends.