Analyst Pin-board MWG Q1-2021 AM Note
- Procurement issue at BHX hampered SSSG (-10% in Q1-2021), translating into larger estimated quarterly losses of VND639Bn (vs VND-609Bn in Q4-2020 and VND-416Bn in Q1-2020), despite improved GPM.
- TGDD & DMX’s estimated that Q1-2021 EBIT swelled by 16% YoY mainly on the back of higher GPM, though SSSG posted weak performance of -9%.
- The TP of VND184,000 is under review given the current situation of CE products demand and issues related to BHX’s procurement process.
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