External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>We cut our target price (TP) for DGW by 4% to VND45,400/share and maintain our MARKET PERFORM rating.</li><li>Our lower TP is driven by a 9% lower aggregate 2026-29F NPAT-MI forecast, partly offset by the positive impacts of rolling our TP horizon forward to end-2026.</li><li>The cut in our earnings projection is due to a more gradual NPM improvement than previously expected as we now believe higher spending on marketing, promotional activities, and trade discounts are necessary to support sales, particularly for new products.</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 cut our target price (TP) for DGW by 4% to VND45,400/share and maintain our MARKET PERFORM rating.Our lower TP is driven by a 9% lower aggregate 2026-29F NPAT-MI forecast, partly offset by the positive impacts of rolling our TP horizon forward to end-2026.The cut in our earnings projection is due to a more gradual NPM improvement than previously expected as we now believe higher spending on marketing, promotional activities, and trade discounts are necessary to support sales, particularly for new products.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.

DGW [MARKET PERFORM +7.5%] - Growth Appears Priced In; Maintaining Market Perform Rating

<ul><li>We increase our target price (TP) for DGW by 7% and maintain our MARKET PERFORM rating.</li><li>Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon forward to mid-2026.</li><li>We maintain our view that DGW’s increased expansion into non-ICT segments - including office equipment, consumer goods, and smart home appliances - during 2022–25, will support double-digit earnings growth over the medium to long term.</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) for DGW by 7% and maintain our MARKET PERFORM rating.Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon forward to mid-2026.We maintain our view that DGW’s increased expansion into non-ICT segments - including office equipment, consumer goods, and smart home appliances - during 2022–25, will support double-digit earnings growth over the medium to long term.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.

DGW - 2025-27 Earnings Growth Upside Fully Priced In - Update

<ul><li>We increase our target price (TP) for DGW by 7% and maintain our MARKET PERFORM rating.</li><li>Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon forward to mid-2026.</li><li>We maintain our view that DGW’s increased expansion into non-ICT segments - including office equipment, consumer goods, and smart home appliances - during 2022–25, will support double-digit earnings growth over the medium to long term</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) for DGW by 7% and maintain our MARKET PERFORM rating.Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon forward to mid-2026.We maintain our view that DGW’s increased expansion into non-ICT segments - including office equipment, consumer goods, and smart home appliances - during 2022–25, will support double-digit earnings growth over the medium to long termContent 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.

DGW  - 2025-27 Earnings Growth Upside Fully Priced In

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

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<ul><li>DGW’s Q1-2025 results were in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY), driven by market share gains in laptops &amp; tablets offsetting mobile phone declines (mainly Apple), along with continued expansion in office equipment &amp; home appliances (notably adding Philips to its portfolio). </li><li>These two higher-margin segments helped lift EBIT margin by 103bps to 3.4%.</li><li>However, their impact on net margin was offset by a one-off financial expense of VND 76 bn, keeping net margin flat YoY.</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.

DGW’s Q1-2025 results were in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY), driven by market share gains in laptops &amp; tablets offsetting mobile phone declines (mainly Apple), along with continued expansion in office equipment &amp; home appliances (notably adding Philips to its portfolio). These two higher-margin segments helped lift EBIT margin by 103bps to 3.4%.However, their impact on net margin was offset by a one-off financial expense of VND 76 bn, keeping net margin flat YoY.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.

DIGIWORLD CORPORATION (GW) - Many Little Makes a Mickle

<ul><li>The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). </li><li>Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.</li><li>DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.</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.

The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.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.

Digiworld Jsc  - Aggressive Plan Needs to Be Proven

Vietnam

Digiworld Corporation distributes information technology products. The Company offers laptops, desktops, projectors, printers, monitors, mouse, and speakers. Digiworld also provides maintenance services with the support of vendors.

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Digiworld Corporation (DGW VN)

DGW [MARKET PERFORM +7.5%] - Growth Appears Priced In; Maintaining Market Perform Rating

Our lower TP is driven by a 9% lower aggregate 2026-29F NPAT-MI forecast, partly offset by the positive impacts of rolling our TP horizon forward...

Vietcap

DGW - 2025-27 Earnings Growth Upside Fully Priced In - Update

Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon...

Vietcap

DGW - 2025-27 Earnings Growth Upside Fully Priced In

Our higher TP is mainly driven by (1) increasing our 2025-29F aggregate NPAT-MI projection by 3% and (2) the effect of rolling our TP horizon...

Vietcap

DIGIWORLD CORPORATION (GW) - Many Little Makes a Mickle

DGW’s Q1-2025 results were in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY)

Rong Viet Securities

Digiworld Jsc - Aggressive Plan Needs to Be Proven

The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price...

Rong Viet Securities

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