Analyst Pin-board MWG 2020 AM Note
- MWG maintained an encouraging growth rate despite the pandemic in 2020 with revenue and NPAT up by 6% YoY and 2% YoY respectively, completing 100% of our full-year forecasts.
- Jan 2021 Revenue and NPAT contracted by -12% YoY and -11% YoY, respectively, due to different Tet timing in last year and negative impacts from the recent COVID-19 outbreak in Hai Duong in late Jan 2021.
- 2M-2021 revenue, which excludes the effect of different Tet timing between the two years, grew by 5% YoY to VND 21.5 Tn (TGDD+DMX’s -2% YoY, BHX’s +50% YoY).
- Despite the recent Covid outbreak, MWG maintains financial guidance for 2021: Revenue VND 125 Tn (+15% YoY), NPAT VND 4.75 Tn (+21% YoY).
- We are pending reviews on the 2021 forecast – Revenue: VND 146.3 Tn (+35% YoY) and NPAT: VND 5.4 Tn (+37% YoY) - and target price for MWG. The current TP is VND 155,000.
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