MWG – Update – A new earning base as Bach Hoa Xanh succeeds

Posted:  Mar 13, 2026

  • 2025 net profit rose 89% yoy, mainly driven by the strong recovery of both TGDD&DMX and BHX, while An Khang narrowed its net loss.
  • For 2026-27, we expect TGDD&DMX and BHX to deliver net profit CAGR of 13% and 58%, respectively. Together with the possibility of An Khang turning profitable, this should underpin MWG’s net profit CAGR of 20%.
  • We maintain an ADD rating with a target price of VND 118,300/share.
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