DGW – Accelerating “Old Bamboo, New Shoots” Momentum in 2026
• DGW’s Q3-2025 results exceeded our expectations, with net revenue of VND 7,391 bn (+18.7% YoY) and NPAT-MI of VND 169 bn (+39.2% YoY), supported by a one-off income gain of VND 18 bn and strong growth across multiple segments, especially Laptops & Tablets (+30.4% YoY), Office Equipment – mainly IoT devices & AI servers (+42.7% YoY), as well as Home Appliances (+94.1% YoY).• Backed by positive momentum across all business lines and a shift in valuation basis to 2026 from now, we raise DGW’s target price to VND 51,000 per share, using a blended approach of long-term DCF and short-term PE at a 40:60 weight. We reiterate a BUY recommendation on DGW.
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