MWG announced its 2020 results, including revenue of VND109tn (USD4.7bn; +6% YoY) and NPAT-MI of VND3.9tn (USD168mn; +2% YoY). These results imply revenue of VND27tn (USD1.2bn; +7% YoY) and NPAT-MI of VND942bn (USD40mn; +10% YoY) in Q4 2020. 2020 revenue/NPAT-MI completed 98%/101% of our full-year forecasts as TGDD (mobile phone chain) and DMX’s (consumer electronics chain) GPM exceeded our projection, which was offset by a larger-than-expected loss at BHX (grocery chain).