Mobile World Investment Corporation (Mobile World, HSX: MWG) is one of the leading retail companies in Vietnam. Owning more than 5,700 retail stores nationwide, MWG maintains its leading position in the mobile phones and electronics retail market in Vietnam for 6 consecutive years.
We initiated coverage of MWG with a BUY rating, with a target price of VND 51,900 – equivalent to an expected return of 35.0%. In 2023, the main drivers boosting MWG's revenue and profit are (i) The efforts of restructuring, cutting costs, and closing inefficient stores in 2022; (ii) Applying promotions, buying suggestions to help stimulate customers’ demand and increase the value per shopping cart.
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