MWG – Walking under clear sky
• MWG’s Q3-2025 results met our expectation with net sales of VND 39,853 bn (+16.7% YoY) and NPAT-MI of VND 1,771 bn (+121.3% YoY), supported by an earlier iPhone season, an improvement in BHX profitability, and an acceleration in financial investment.• MWG’s share price corrected by approximately 11.0% in Q4-2025, implying trailing P/E of 19.7x and 2025/26F forward P/E of 18.7x/14.8x, all lower than the 5-year average of 20.5x and the sector average of 23.9x; this suggests the current valuation appears inexpensive relative to the expected growth recovery next year (>20.0% YoY).
• Thanks to positive backdrops across all segments and rolling our valuation to 2026 from this point, we raise our target price for MWG to VND 95,800 per share, based on a sum-of-the-parts (SoTP) methodology, corresponding to a BUY recommendation
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.
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