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MWG [BUY +42.1%] - An e-commerce powerhouse in the making - Update

We reiterate BUY on MWG. Apart from its dominant brick-and-mortar model, MWG has established an excellent omni-channel that allows its online sales to thrive in a highly potential but tough-to-win e-commerce sector in Vietnam. These are sustaining high growth yet MWG is trading at an undemanding valuation of FY16 PER of 6.8x.