- MWG released its 9M 2022 results, including revenue of VND102.8tn (USD4bn; +18% YoY) and NPAT of VND3.5tn (USD142mn; +4% YoY), completing 70% and 64% of our respective full-year forecasts and behind our expectations. We see potential downside risk to our current projections, pending a more extensive review.

- In Q3 2022, MWG’s revenue was VND32.0tn (USD1.3bn; +32% YoY) with NPAT-MI of VND906mn (USD37.0mn; +15% YoY).

- The Gioi Di Dong (TGDD) and Dien May Xanh’s (DMX) aggregate revenue surged 62% YoY in Q3 2022 mainly thanks to (1) the low base in Q3 2021 when there were strict social distancing restrictions that dampened ITC and consumer electronics (CE) sales, in addition to (2) the rollout of super-mini-DMX stores (120-150 sqm/store) and TopZone stores in 2022.

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