汇丰：Mobile World（MWG.VN）-越南股市公司研究：数码、杂货双轮驱动增长 维持买入-250731（中译版）（31页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Singapore Branch View HSBC Global Investment Research

2、at:https:/ HSBCinExtelSurvey2025|ThankyouforyoursupportSeeresults Growth in the grocery retail chain Bach Hoa Xanh to be the key driver of the 30%-plus earnings CAGR we see out to 2027e while a recovery in the electronics sector and growth in the pharmacy chain An Khang will likely also boost earnin

3、gs Maintain Buy,lift target price to VND80,500(from VND72,000)Good 1H25 performance to continue in 2H25e:Net revenue increased 12.5%y-o-y.Net profit rose 54%y-o-y.Bach Hoa Xanhs revenue increased 16%y-o-y with strong performances in fresh food and FMCG.The combined revenue of The Gioi Di Dong(phones

4、 and accessories)and Dien May Xanh(electronic goods)increased 12%y-o-y with a good performance in mobile phones,tablets and laptops.We lower our 2025-26e earnings estimates by 12%and 9%,respectively as we feel that consumer companies are facing difficulties.However,we still expect Mobile Worlds stro

5、ng growth momentum to continue and for net profit to increase 43.2%this year.Bach Hoa Xanh is key to growth:Modern trade penetration is low in Vietnam at c16%compared to c24%in Indonesia and c77%in Malaysia.There is significant potential for the grocery retail segment in Vietnam.Having the highest m

6、arket share(c35.0%),Bach Hoa Xanh will likely benefit from this growth.We estimate a 15.4%CAGR for Bach Hoa Xanhs revenue in 2024-27e.Bach Hoa Xanh has opened 414 new stores so far this year,with the number of stores up 23%from 2024.Recovery in electronics and growth at pharmacy chain An Khang to li