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MWG - BUY - Customer first approach leading to strong growth and profitablity - Initiation

We initiate coverage of MWG with a BUY recommendation at the target price of VND102,000 (upside 50%, does not take into account the post-listing bonus share issuance). We are forecasting above the company for 2014 and have a bias to upwardly revise subsequent years as we progress through this year. We project EPS CAGR of 35% FY14-18E driven by 1/ Strong sales growth via growth in same store sales as well as expanding existing market share thanks to its proven sales approach.