Research Center
Quay lại

MWG [BUY +36.0%] - DienmayXANH bolsters FY17 but eyes on BachhoaXANH - Update

We reiterate our BUY rating for MWG with 36% total return and little change to our forecasts. Aggressive store expansion in DienmayXANH, a projected 8% SSSG and full contributions from stores opened last year will underpin both revenue and NPAT to grow 52% in 2017F. We project an accumulated 436 DienmayXANH stores by YE2017 from 256 at YE2016 as this chain builds on its successful marketing campaign in Q4 2016.