Mobile World (HOSE: MWG) | Q1 2025 Update, HOLD – 1Y Upside +8.1%

A Strong Start Towards Ourperformce of 2025 Targets

In Q1 2025, MWG posted a strong recovery following a prolonged period of operational challenges, driven by solid performances in its mobile device, consumer electronics, and grocery (BHX) segments. A key highlight was the acceleration of BHX store expansion after finding a fitted, scallable model. In Q1 2025, MWG opened 232 new BHX stores, averaging around 80 new stores opened per month.

As of the end of Q1 2025, MWG has completed 24% of its full-year revenue plan and 32% of its profit plan. Based on current momentum, we expect the company to fulfill its 2025 guidance by October and potentially outperform expectations for the full year.

We maintain our 12-month Target price of VND 69,000/share. Since we initiated a BUY on MWG on March 6, 2025, MWG share price has increased 7.0% from VND 59,600/share to VND 63,800/share on May 16, 2025. We change our recommendation on MWG to HOLD with a potential upside of +8.1% from closing price of VND 63,800/share on May 16, 2025. For long-term, our 3Y target price for MWG is VND 98,200/share (+54.0% upside).