MWG- Endeavor to sustain the long-term growth
​Rong Viet Securities Corporation hereby presents the Company Updates report for the stock of Mobile World Investment Corporation (MWG – HSX) with the overall opinion as follows:
“We highly appreciate leaders and business culture of MWG. Besides, current core businesses (mobile and consumer electronics retailing) are boldly developed at leading positions of technical consumer goods retailing sector. 2016’s PAT was estimated to grow 33% (yoy). 2016’s EPS was forecasted at VND9,300, equivalent to forward PE ratio of 8.4. This is an attractive evaluation in short-term period since MWG’s ROE ratio has been stable at around 50% for many years and current PER is 30% lower than its peers in this sector and 20% than same-market-cap group.
While seeing a boosting growth, MWG’s managers have actively launched some new business plans in order to keep their growth pace. In late 2015, MWG opened BachhoaXanh stores for exploiting grocery-retailing market. Besides, MWG has planned to expand its TCGs’s retailing businesses to some other regional countries. Currently, it is still too early to evaluate these plans but we credit the activeness of MWG’s managers in these business plans.
We have yet accounted for these business plans into our valuation. Therefore, given suitable PER of 10x and 2016’s EPS of VND9,300, we maintain BUY recommendation in long-term for MWG with the target price of VND93,000 “
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