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MWG [BUY +50%] - Mini-DienmayXANH is another testament to management’s ability to find new ways to stay ahead of the curve - Update

We reiterate our BUY recommendation on MWG and increase our target price by 29% to VND206,000. We raise our FY16F NPAT and FY17F by 12.5% and 26.3%, respectively, thanks to faster-than-expected store expansion as well as the roll-out of mini-DienmayXANH, the new consumer electronics store format starting from H2 2016.