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MWG [BUY +44.7%] - Things look bright on all fronts - AGM Note

Following its AGM, we reiterate our BUY rating on Mobile World Investment Corp (MWG) while revising up our TP by 9% to VND107,000 based on the following. New store openings exceeded expectations. By YE16, management aims to reach 680 Thegioididong stores (+116 stores vs YE15) and 120 DienmayXANH stores (+51 stores vs YE15), higher than our previous expectation of 630 Thegioididong and 120 DienmayXANH. In January 2016 alone, MWG opened 30 Thegioididong and 15 DienmayXANH.