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MWG [BUY +32%] – Core business rollout has more legs than previous estimates

MWG announced optimistic FY16 guidance including revenue of VND 34,166b and NPAT of VND 1,388b, 17% and 14% higher than our previous respective forecast. We attribute the discrepancy between MWG’s guidance and our old forecast to our conservative assumptions on 1) the expansion of the Thegioididong chain and 2) sales per store. To elaborate on the former, we currently project MWG to open an accumulated 550 Thegioididong stores by YE2016 while the company is looking at 630-640 stores.