MWG – BHX's profit growth momentum surged following Q2-2025’s results
• MWG's Q2-2025 results surpassed our expectation by 18%, with net sales of VND 36,135 bn (+14.8% YoY) and NPAT-MI of VND 1,648 bn (+6.6% QoQ, +40.6% YoY), driven by significantly improved BHX profitability (net margin rose from 0.3% in Q1-2025 to 1.6% in Q2-2025) and accelerated financial investment activities (+38.0% YoY).• MWG's stock profit potential lies in the “BHX northward expansion” strategy, which is gradually proving effective, unlocking profit growth from Q2-2025.
• We raise our short-term valuation based on 2025F result and the positive business outlook for the next year, targeting VND 87,100 per share (including a VND 1,000 cash dividend per share), using the SoTP method in the short term. Note that the long-term target price will be updated after a comprehensive assessment of the company’s long-term context.
• We increase our 2025F’s net profit forecast for MWG by 21%, reflecting a significantly more positive business environment compared to our latest forecast, driven by all three pillars: (1) TGDD & DMX, (2) BHX, and (3) financial investment activities.
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