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MWG - Electronics surge; grocery nears EBITDA break-even - Earnings Flash

MWG released preliminary 9M 2018 results, including net revenue of VND65.5tn (USD2.8bn, +37% YoY) and NPAT of VND2.2tn (USD94mn, +34% YoY). These stellar results were primarily driven by surging online sales and contribution from new stores in the mobile phone and consumer electronics businesses. Meanwhile, BachhoaXANH (BHX/minimart) continued to progress well on both sales/store and GPM fronts. 9M 2018 results are broadly in line with our expectation. We reiterate BUY on MWG