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MWG - Target price poised for upward revision on aggressive store opening and mini-DienmayXANH roll-out in FY17 - Earnings Flash

MWG posted excellent preliminary H1 2016 results with net revenues of VND19.7 trillion (USD873 million, +81% vs H1 2015) and NPAT of VND835 billion (USD37 million, +83% vs H1 2015). Although H1 2016 NPAT has reached 49% of our current forecast, we will likely revise our FY16 and future projections upward given the faster-than-expected pace of store openings as well as contribution from the new mini-DienmayXANH model to be launched in FY17.