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    MWG   VN000000MWG0

MOBILE WORLD INVESTMENT CORPORATION

(MWG)
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Mobile World Investment Group (MWG): CE Segment: key top-line growth driver in 2017

09/05/2016 | 01:30am EDT

Analyst: Kien Trung Nguyen, CFA, kiennt@ssi.com.vn

Rating: BUY (unchanged)

Target price: VND 180,000

Upside: +26%

Share price (26-August-16): VND 143,000

In 2Q16, MWG posted revenue of VND10,023bn (+87% YoY) and net profit of VND417bn (+88.4% YoY). Different from the last 2 years, where 2Q revenue had usually been slightly below 1Q as demand for phones and CE (consumer electronics) is high before the Tet holidays, revenue in 2Q16 rose 4.1% QoQ due to aggressive expansion in shop footprint.

In 1H16, MWG recorded net sales of VND19,650bn (+81% YoY) and net profit and VND835bn (+83% YoY), achieving 58% and 60% of respective full-year targets for revenue and net profit.

MWG: 1H16 revenue and earnings

(VNDbn) 1H16 YoY % target
Mobile phone shops (thegioididong.com) 14,063 55%
CE stores (dienmayxanh.com) 5,587 216%
Net profit 835 83% 60%
Online sales 1,306 93% 40%

Source: MWG

In 1H16, MWG opened 263 mobile shops and 42 CE stores, increasing the total footprint to 827 shops and 111 stores, respectively. According to management, SSSG for mobile stores was about 10% in 1H16. Therefore, most of the top-line growth came from newly opened shops.

After the strong 1H16 and our meeting with management, we raise our 2016-17E EPS by 20-34%. Our new 12-month TP of VND180,000 (from VND97,500) is now based on a PER of 13.3x (5% discount to market PER of 14x) on our average 2016-17E EPS (from 11x 2016E PER). Our higher target PER is due to our greater conviction level in MWG's long-term earnings growth from its expansion in the CE segment and fresh food chain. Risk: overhang from the 5% ESOP in December 2016.

Please open the link for our full report: MWG VN_Company Update_CE Segment: key top-line growth driver in 2017_20160826

About the author

Mobile World Investment Corporation published this content on 05 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 September 2016 05:30:07 UTC.


© Publicnow 2016
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Financials
Sales 2021 128 155 B 5 511 M 5 511 M
Net income 2021 4 967 B 214 M 214 M
Net Debt 2021 4 981 B 214 M 214 M
P/E ratio 2021 12,9x
Yield 2021 1,15%
Capitalization 65 372 B 2 829 M 2 811 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,48x
Nbr of Employees 68 097
Free-Float 80,8%
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Technical analysis trends MOBILE WORLD INVESTMENT CORPORATION
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 9
Average target price 170 288,89 VND
Last Close Price 137 500,00 VND
Spread / Highest target 55,7%
Spread / Average Target 23,8%
Spread / Lowest Target 2,25%
EPS Revisions
Managers and Directors
NameTitle
Doanh Kinh Tran Chief Executive Officer & Director
Linh Dang Vu Chief Financial Officer
Tai Duc Nguyen Chairman
Trong Van Pham Chief Technology Officer
Robert Alan Willett Independent Non-Executive Director
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