Analyst Pin-board MWG 4M-2021 Results: Last year’s low base supported growth rate
- 4M-2021 net sales reached 4Tn (USD1.7Bn, +9% YoY) while NPAT jumped to VND1.7Tn (USD72.9Mn, +26% YoY), completing 32% and 34% our full-year forecast respectively, relatively in line with our expectations.
- TGDD & DMX accumulated revenue of approx. VND32.4Tn (USD1.4Bn), posting 4% YoY mainly on the back of low comparative base in last year’s April when social distancing order hit its physical stores.
- BHX accumulated revenue maintained its robust growth of 31% YoY, owing to significant contribution from mid-2020 new stores. Estimated sales per store in April improved by 7% MoM to VND1.2Bn (USD52,000).
- 15-day of social distancing in HCMC, which requires closure of electronics stores, will definitely hurt TGDD and DMX sales but we believe the magnitude will not be as severe as last year’s April.
- Ongoing pandemic wave induced by rapidly-spread Covid variant poses larger-than-expected downside risk to our forecast. While current forecasts and the TP of VND 184,000 are under review for this risk, upside potential, in our view, from BHX’s labor productivity enhancement initiative will be the noteworthy catalyst going forward.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.