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MWG [BUY +49%] - MWG's minimarkets seeks to replicate Alfamart's success

9M15 results firmly on track to reach our FY15 forecast including revenue +49.2% vs FY14 and NPAT +48.1% vs FY14. We keep our FY16 forecast intact with revenue +24.6% vs FY15F and NPAT +22.9% vs FY15F, mainly driven by consumer electronics chain Dien may XANH (DMX) as we project its store count to reach 120 by YE2016 from an estimated 60 by YE2015. Meanwhile, we expect Thegioididong (TGDD)’s pace of expansion to slow down to reach 550 stores by YE2016 from an estimated 510 by YE2015.