MWG – Update – Accumulation opportunity at an attractive valuation
Posted: Oct 14, 2026
- 1H26 earnings beat expectations, with NPAT of VND6,017bn (+88% yoy), fulfilling 71% of our previous full-year forecast. We expect 3Q26 earnings to remain robust, with NPAT growing 79% yoy, driven by the ICT-CE device upgrade cycle and BHX’s strong profit momentum.
- We raise our 2026-27F NPAT forecasts to VND12,439bn/VND12,228bn (+77%/-2% yoy; +47%/+21% vs. our previous report).
- Maintain ADD rating with a target price of VND109,000/share.
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