Analyst Pin-board MWG - Q4 2021 AM: TGDD & ĐMX ready for positive 2022 plan with potential initiatives while BHX will try to increase sales per store will at the expense of lower profit margins
- While upbeat Q4-2021 results of TGDD & DMX, primarily led by solid demand of ICT products post lockdown, lifted full-year blended SSSG to below 1%, BHX saw its monthly sales per store dropping to the under VND 1bn in Q4-2021 following weakened purchasing power dragged the chain’s SSSG down to 2%.
- Strong results from key mature chains led the Group’s revenue and NPAT growth to 13% YoY and 25% YoY, respectively, fulfilling 103% of forecasted revenue and 104% of forecasted NPAT.
- While the plan for 2022 of the TGDD & DMX chains is rather in line with recent updates, the initiatives of BHX to re-engage customer traffic are likely to cause profit margins to be worse than our previous expectations. Our current 2022F revenue and NPAT forecast for MWG are VND 150 trillion and VND 6,800 billion respectively, compared to MWG's guidance for revenue and NPAT of VND 140 trillion and VND 6,350 billion respectively. Current forecasts and TP of VND163,500 are 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.
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.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.