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MWG [BUY +34.2%] - Management as hungry as ever - AGM Note

Ambitious management, top notch execution, bright growth prospects and undemanding valuation give us strong conviction on MWG. We reiterate BUY. M&A is poised to be part of MWG’s quest to become the most dominant diversified retailer in the next five years. Potential categories: consumer electronics, pharmaceuticals and cosmetics. BachhoaXANH is shaping up nicely, set to reach 200 stores by YE2017 from 70 currently. A