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

Index Rebalance

<ul>
<li>KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.</li>
<li>Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.</li>
<li>Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. </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>


KDH is expected to be placed on the watchlist for potential removal from the constituent basket in this review, as it fails to meet the minimum FOL threshold of 65% under section 3.7 for the first time.
Based on data as of March 31, 2026, its FOL ratio stands at only 61.8% under the index construction methodology.
Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%. 

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), Vietcap

Vietcap

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

Equity Bottom-Up

<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>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 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

<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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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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<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

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)

Forecast – HoSE Indexes Review in 2Q26

Being placed on the removal watchlist would result in a 50% cut to KDH’s current contribution weight, reducing its contribution to a modest 0.8%.

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

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

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