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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We raised our earnings estimates to reflect higher sales and opex cuts in both BHX and DMX, but leave the target price largely unchanged, as we have incorporated higher cost of equity.</li><li>On an earnings basis, MWG trades at 17.2x 12-month forward P/E, broadly in line with its 5-year average, implying an NP CAGR of 18% over 2025–28 (PEG 0.95x).</li><li>However, we anchor valuation on FCF, which better reflects underlying operating performance after working capital and expansion-driven capex. P</li></ul><div class="content-highlight"><em>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.</em></div>

We raised our earnings estimates to reflect higher sales and opex cuts in both BHX and DMX, but leave the target price largely unchanged, as we have incorporated higher cost of equity.On an earnings basis, MWG trades at 17.2x 12-month forward P/E, broadly in line with its 5-year average, implying an NP CAGR of 18% over 2025–28 (PEG 0.95x).However, we anchor valuation on FCF, which better reflects underlying operating performance after working capital and expansion-driven capex. PContent 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.

Mobile World Investment Corporation (MWG VN) - Year of Leveling Up

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

Rong Viet Securities

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<ul><li>Net revenue reached VND 156,458 bn (+16.5% YoY), exceeding the Company's plan by 4%, driven by strong gains in electronics and grocery retail market share through different approaches.</li><li>The TGDD (Thegioididong) &amp; DMX (Dienmayxanh) chains achieved this through sales per store growth (+18–25% YoY) thanks to "outstanding" competitive services such as deferred payment, installment payment, and "Familyship with Apple, Tho Dien May (Appliance Technician).</li><li>The BHX (Bach Hoa Xanh) chain expanded through new store openings (+789 stores YoY), similar to Winmart, amid a "perfectly aligned" industry environment favoring the minimart model from the second half of 2025.</li></ul><p><em>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.</em></p>

Net revenue reached VND 156,458 bn (+16.5% YoY), exceeding the Company's plan by 4%, driven by strong gains in electronics and grocery retail market share through different approaches.The TGDD (Thegioididong) &amp; DMX (Dienmayxanh) chains achieved this through sales per store growth (+18–25% YoY) thanks to "outstanding" competitive services such as deferred payment, installment payment, and "Familyship with Apple, Tho Dien May (Appliance Technician).The BHX (Bach Hoa Xanh) chain expanded through new store openings (+789 stores YoY), similar to Winmart, amid a "perfectly aligned" industry environment favoring the minimart model from the second half of 2025.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.

<ul><li>TGDĐ &amp; ĐMX:October revenue was VND10.4tn (+32.2% YoY), supported by robust demand for the iPhone lineup.</li><li>The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.</li><li>Cumulative 10M25 revenue for the two chains stood at VND86.9tn (+16.4% YoY).</li></ul><div class="content-highlight"><em>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.</em></div>

TGDĐ &amp; ĐMX:October revenue was VND10.4tn (+32.2% YoY), supported by robust demand for the iPhone lineup.The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.Cumulative 10M25 revenue for the two chains stood at VND86.9tn (+16.4% 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.

Mobile World Investment Corporation (MWG VN) – Keep the Plates Spinning

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI forecasts by 16%/21%/26%/29%, respectively.</li><li>Our higher NPAT-MI forecasts are driven by an accelerated pace of BHX store openings as well as gains in electronics market share and service revenue.</li><li>MWG showcased traction of this plan in 8M 2025.</li></ul><p><em>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.</em></p>

We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI forecasts by 16%/21%/26%/29%, respectively.Our higher NPAT-MI forecasts are driven by an accelerated pace of BHX store openings as well as gains in electronics market share and service revenue.MWG showcased traction of this plan in 8M 2025.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 +21.1%] - BHX Accelerates Expansion, ICT to Sustain Low-Teen Growth - Update

Thematic (Sector/Industry)

<ul><li>Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening criteria, especially ranking 10 th and 20th by market capitalization, respectively.</li><li>Given their strong rankings, the inclusion appears all but certain, as any eligible non-constituent ranked within the top 20 by market capitalization is automatically prioritized for inclusion under the rule.</li><li>The fact that this outcome is also well in-line with market expectations, as these non-constituents had already emerged as the strongest candidates in the previous review, with the minimum six-month listing requirement being the only remaining hurdle.</li></ul><div class="content-highlight"><em>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.</em></div>

Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening criteria, especially ranking 10 th and 20th by market capitalization, respectively.Given their strong rankings, the inclusion appears all but certain, as any eligible non-constituent ranked within the top 20 by market capitalization is automatically prioritized for inclusion under the rule.The fact that this outcome is also well in-line with market expectations, as these non-constituents had already emerged as the strongest candidates in the previous review, with the minimum six-month listing requirement being the only remaining hurdle.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 Vietnamese publicly listed retailer specializing in mobile devices, consumer electronics, and household appliances through its Thegioididong.com and Dien May Xanh chains. The company also operates the grocery chain Bach Hoa Xanh and An Khang pharmacies. Mobile World Investment Corporation was founded in 2004 and is headquartered in Thu Dau Mot, Vietnam.

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Mobile World (MWG VN)

Mobile World Investment Corporation (MWG VN) - Year of Leveling Up

We raised our earnings estimates to reflect higher sales and opex cuts in both BHX and DMX, but leave the target price largely unchanged, as we...

Mirae Asset Securities

MWG - Walking under clear sky

Net revenue reached VND 156,458 bn (+16.5% YoY), exceeding the Company's plan by 4%, driven by strong gains in electronics and grocery retail...

Rong Viet Securities

Mobile World Investment Corporation (MWG VN) – Keep the Plates Spinning

The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.

Mirae Asset Securities

MWG [BUY +21.1%] - BHX Accelerates Expansion, ICT to Sustain Low-Teen Growth - Update

We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI...

Vietcap

Forecast – HoSE Indexes review in 3Q26

Based on our calculation, MCH and TCX are obviously eligible for inclusion in the VN30 basket in the upcoming review, as they satisfy all screening...

Mirae Asset Securities

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