Mobile World (HOSE: MWG) | 2Q26 Update, BUY – Upside +49.5%

Earnings Momentum Remains Strong

MWG 2Q26 Performance

MWG delivered record quarterly earnings, with 2Q26 revenue of VND49,751bn (+29.6% YoY) and NPAT-MI of VND3,302bn (+100.4%). ICT remained the key profit contributor at VND2,643bn (~80% of group earnings; +100% YoY), while BHX contributed VND522bn (+36.0% QoQ), or 15.6% of group earnings. 1H26 revenue and NPAT-MI reached VND95,213bn (+29.1%) and VND6,017bn (+88.4%), completing 55.7%/80.2% of our FY26E forecasts.

Target Price and Rating

We also updated earnings forecast and key macro assumptions to reflect current rising cost of funding. Our TP rises to VND 109,100/share (from VND 92,400), implying 49.5% upside from the 7 August 2026 close of VND 73,000. We therefore upgrade MWG to BUY from ADD.

MWG trades at 10.9x TTM P/E and 10.3x FY26E P/E, below the industry average of 13.1x. The planned VND 2,000/share FY26 cash dividend implies a 2.8% yield, with 50% already paid and the remainder expected in October 2026, also provides additional shareholder return. Management has no near-term share buyback plan due to regulatory procedures but may consider this in 2027.