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MWG [BUY +53.8%] - Management confident on grocery; strong 2M 2018 prelim results - AGM Note

We attended MWG’s AGM on March 16, 2018. Management was confident on the success of BachhoaXANH (BHX, grocery), which was the primary topic among shareholders in the AGM. Management expects a total of 500 BHX stores by end-H1 2018 compared to 283 stores as of YE2017, and 1,000 by YE2018 vs. our more upbeat projection of 1,300. Prelim 2M 2018 NPAT surged 46% YoY mainly thanks to full contribution from stores opened in 2017, especially in the consumer electronics (CE) segment, and online sale