Analyst Pin-board MWG – Entering new potential markets
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· MWG rolled out five new retail chains on Jan 10th, 2022, namely AVASport, AVAFashion, AVACycle, AVAKids, AVAJi, respectively selling sportswear, clothes, bikes, mom & kids items, and jewelry. Initial results were encouraging with revenue posting USD 1mn after three days. · Though these new chains are still in the pilot phase, we see interesting upside potential for MWG as the company, a seasoned retailer with top-notch execution, is entering new fragmented markets with most of them are not having clear market leaders. · In this site visit tour, CEO Doan Van Hieu Em shared new the development plans for TGDD and DMX chains as well, with a rollout of 200 Topzone stores (vs previous plan of 50 stores) and the new supercenter format for DMX in 2022. Both of which are targeting middle to affluent customers, whose income is less negatively impacted post-pandemic. · The current TP of VND 163,500, equivalent to a 2022F P/E of 14.4x, is under review. |
Mobile World Investment Corp. Mobile World Investment Corporation is a Vietnam-based company primarily engaged in the retail sale industry. The Company operates two retail chains, namely dienmay.com and thegioididong.com. Thegioididong.com chain specializes in the retail sale of digital products including cellular mobile phones, tablets, laptops and accessories for these products. Dienmay.com chain specializes in the retail sale of consumer electronic products such as televisions, karaoke systems, refrigerators, washing machines, rice cookers, blenders, irons, microwave ovens, vacuum cleaners, etc. It also sells digital products such as mobile phones, tablets, laptops and accessories for these products.
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