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MWG - [BUY +42.1%] - Pent-up re-rating due to unresolved trading illiquidity

We reiterate our BUY rating but lower our TP by 4% to VND98,000 due to: Store expansion drives impressive FY15 performance, in line with our forecast. According to its preliminary results, MWG posted 62% net revenue growth to VND25,251 billion (USD1.1 billion) and 60% PAT (pre MI) growth to VND1,076 billion (USD48 million), achieving 102.9% and 102.5% of our respective forecasts.