We attended MWG’s online analyst meeting on August 19, 2022, during which management provided further details regarding its H1 2022 performance and business outlook in H2 2022.

Management expects further improvements in growth and profitability for Bach Hoa Xanh (BHX) in H2 2022 vs H1 2022 owing to its on-track restructuring process and early positive signals of improving monthly sales/store. Furthermore, management expects BHX to become profitable by YE2022. Management also anticipates sales advancement for The Gioi Di Dong (TGDD) in H2 2022 thanks to the accelerating sales contribution from TopZone. However, management remains conservative on Dien May Xanh’s (DMX) outlook due to constrained consumer spending power. Below are our detailed takeaways.