Published Date: 25/11/2019
Grocery segmentmain growth driver
Our takeaway
• In 9M2019, MWG’s revenue and NPAT increased by 17% yoy and 36% yoy respectively, lower than our forecasts by 19% and 0%due to lower-than-expected CE’s revenue.
• For FY19, we adjust our revenue and profit forecasts down by 2.2% and 1.3% respectively to reflect lower revenue growth of CE segment. In addition, we change our valuation method from multiple method to DCF to capture the future cash flow from grocery chain. Our new target price is VND 144,000/share. Maintain BUY recommendation.
