Viet Dragon Securities - DGW – Q1-2025’s results aligned with expectations, highlighted by robust performance in new product categories

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Viet Dragon Securities

Hung Nguyen

DGW – Q1-2025’s results aligned with expectations, highlighted by robust performance in new product categories

• DGW Q1-2025 results in line with analyst expectations: net revenue reached VND 5,519 bn (+10.7% YoY), NPAT-MI at VND 106 bn (+14.6% YoY), driven by market share gains in laptops & tablets offsetting mobile phone declines (mainly Apple), along with continued expansion in office equipment & home appliances (notably adding Philips to its portfolio). These two segments, with higher margins, helped lift EBIT margin by 103bps to 3.4%. However, their impact on net margin was offset by a one-off financial expense of VND 76 bn, keeping net margin flat YoY
• We view the upside potential in DGW’s target price favorably, driven by brighter signals of improved net margin from new segments such as Office Equipments and Home Appliances. We will update DGW’s valuation in subsequent reports. We note that DGW’s business performance is poised for a “stronger inflection point” in 2026, as one-off financial costs taper off, more accurately reflecting the expanded net profit margin contribution from these new segments.

11/06/2025 6 EN

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Viet Dragon Securities

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.”

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Analysts

Hung Nguyen

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DGW – Q1-2025’s results aligned with expectations, highlighted by robust performance in new product categories

RECOVERS TO THE 1,520 POINT AREA

U.S. tariffs rise, but inflation fails to respond as expected

VCB - Moderate but Solid Growth

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