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MWG [BUY +66.3%] - Grocery on a roll as management adjustments work wonders - Update

We reiterate BUY on MWG, which looks appealing with a three-year PEG of 0.6. TP is revised up by 8.5% vs previous report, mostly underpinned by higher medium-term forecasts for consumer electronics (CE) as this market still boasts extensive organic growth headroom. DienmayXANH (DMX/CE) will spearhead MWG’s EPS growth alongside BachhoaXANH (BHX/grocery), with the latter projected to make up 13% of total NPAT in 2022.