MWG - Challenging H1 2023; expecting Q4 recovery as base case - Analyst Meeting Note
  • 2023-02-16T00:00:00
  • Company Research

We attended MWG’s online analyst meeting on February 16, during which management discussed its 2023 outlook and the conditions of its international businesses.

Management expects 2023 net revenue of VND135tn (USD5.7bn; +1% YoY) to VND150tn (USD6.4bn; +12% YoY) and net profit of VND4.2tn (USD178mn; +2% YoY) to VND4.7tn (USD199mn; +15% YoY). Furthermore, management expects a potential recovery in consumer spending to start in mid-Q3 2023 at the earliest or in Q4 2023 as base case. While our revenue forecast is in the middle of MWG’s guidance range, our projected net profit is 6% higher than the higher bound of the company’s guidance. As such, we see potential downside risk to our forecast, pending a fuller review. Below are our detailed takeaways.

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