- We attended MWG’s online analyst meeting on November 23, 2022, during which management provided further details regarding its 10M 2022 performance and business outlook in Q4 2022 and 2023.

- Management expects weak consumer confidence to exert a negative impact on MWG’s outlook for the rest of 2022 and until end-H1 2023 in terms top-line growth and profitability. Additionally, management is now delaying Bach Hoa Xanh (BHX) to break even within Q4 2023 in its base case. Management also holds lower expectations for The Gioi Di Dong (TGDD) and Dien May Xanh (DMX) in Q4 2022 and H1 2023. Moving forward, the company will focus on maximizing cash flow and prepare to sacrifice some margins if needed. Below are our detailed takeaways.

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