DGW – Xiaomi's products led growth in Q3-2024
• DGW's Q3-2024 business results are consistent with our previous forecast, with net revenue of VND6,226 bn (24.3% QoQ, +15.0% YoY), and NPAT-MI of VND122 bn (+36.7% QoQ, +18.9% YoY).• We maintain our recommendation for investors to shift focus toward other stocks with higher long-term return potential. The reason behind this is that the company’s internal factors have not shown any significant changes in terms of business performance, and the stock is currently trading at a premium relative to its intrinsic potential (the forward P/E ratio for 2024, stands at 20.5x, based on the closing price on November 5th, 2024).
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