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MWG [BUY +49.5%] - Doing justice to the crown jewel of Vietnam’s retailing sector - Update

We reiterate BUY on MWG and raise our TP by 48%. We believe current valuations still leave out a great deal of growth potential. We forecast FY16F and FY17F EPS growth of 52% and 31%, respectively, from MWG’s existing chains with upside from its ability to leverage on its platform and expertise to expand into other retail formats, with minimarts being the most immediate.