BVSC maintained OUTPERFORM rating for MWG with a target price of VND77,500 per share, 4% lower than our previous update mostly due to lower net profit forecast for M&CE segment in 2024 and 2025. Nevertheless, we have strong belief in the long-term prospect of MWG given: (i) its dominating position as a leading M&CE retailer in Vietnam; (ii) massive grocery retailing market size and inevitable shift from GT to MT; and (iii) the current business expedition in Indonesia may ultimately result in a profitable CE empire in the next 5 years.

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Please find the attached file below.