MWG [BUY +43.1%] - Mini-marts poised for aggressive 2018 expansion - Update
We reiterate a BUY rating with total return of 43%. Three-year PEG ratio remains attractive at 0.6. We revise up our TP by 21%, driven by the rollover of our DCF and the faster-than-expected store openings in both mobile (Thegioididong, or TGDD) and consumer electronics (CE) chains. We forecast revenue +57% and NPAT +48% for FY17 on rapid store expansion and solid SSSG in DienmayXANH (DMX), strong online sales and full contribution from stores opened last year.