Company Insight

Digiworld Corporation (HSX: DGW) is one of Vietnam's leading distributors of technology products and consumer goods. The company serves as the exclusive distribution partner for a number of globally recognized brands, including Xiaomi, Itel, Dell, ASUS, HP, Procter & Gamble (P&G), and Omron, among others. In the long term, the company's growth is expected to be driven by multiple business segments: (1) Technology products are well positioned to benefit from the ongoing device upgrade cycle fueled by the rapid adoption of artificial intelligence (AI). In addition, the global shortage of DRAM is expected to support higher average selling prices (ASPs), providing further momentum for revenue growth. (2) Office equipment is expected to maintain solid growth, supported by the Government's policies promoting digital transformation and the development of high-tech industries, which should stimulate demand from both the public and private sectors. (3) Home appliances are expected to become a new long-term growth pillar, underpinned by favorable demographic trends, accelerating urbanization, and the increasing prevalence of smaller household sizes. Based on DCF method, we value DGW for the first time at 45,300 VND, equivalent to a 22.5% return