Published Date: 30/12/2024
- 2024 was the recovery time of the retail chains. Net profit of the ICT-CE retail chains had the best recovery with the average growth reached 1.2x yoy, net profit of the jewelry retail chains rose 10% yoy and the grocery retail chains moved from net loss to get the positive net profit in 2H24.
- In 2025, pharmaceutical and grocery retail chains are projected to expand due to rising consumer income spurred by broader production sector recovery, while ICTCE and jewelry retail chains will likely maintain their current number of outlets, focusing instead on stimulating demand through targeted sales strategies.
- We prefer MWG in 2025 for the great expansion of Bach Hoa Xanh and the stronger recovery of ICT-CE demand. Besides, we also prefer PNJ for the attractive valuation.
