Report

Analyst Pin-board MWG – 7M 2021 Update

  • BHX reached EBITDA breakeven in Q2 2021 as stockpiling behavior  drove sales per store (quarterly SSSG: 15%) amid the wet market ban and stringent social distancing measures.
  • Solid iPhone sales and big sport events helped TGDD/DMX to post a SSSG of 14% in the quarter.
  • While the management is concerned about the outlook of TGDD/DMX chain as weak demand for non-essential products may linger even after social distancing is lifted, they expect the BHX chain to sustain the EBITDA breakeven level for the whole year.
  • 7M 2021 revenue of TGDD/DMX and BHX have respectively accomplished 62% and 55% of our full-year forecasts, while net profit reached 66% of the forecast. 2021F projected revenue and NPAT are VND120,332 (11% YoY) and VND4,190 (7% YoY), respectively. Maintaining a BUY recommendation with the TP of VND 148,400.
Provider
Viet Dragon Securities
Viet Dragon Securities

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Analysts
Son Tran

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