Mobile World (HOSE: MWG) | Q2 2025 Update, HOLD – 1Y Upside +7.3%

Robust H1 2025 Result Thanks To Leaner Operating Model

MWG delivered stronger-than-expected H1 2025 results, thanks to improve cost efficiency from a leaner operating model. In H1 2025, revenue increased 12.4% YoY to VND 73,755bn and net profit (NPAT) increased 54.4% YoY to VND 3,205bn, fulfilling 51.4% and 71.0% of our full-year forecasts, respectively. The sharp NPAT growth was primarily supported by enhanced cost efficiency, with SG&A-to-revenue ratio down from 17.6% in H1 2024 to 15.6% in H1 2025, lifting NPAT margin from 3.2% to 4.3% and EBITDA margin from 5.4% to 5.9% over the same period.

We revised our 2025 revenue forecast to VND 149,080 (+11.0% YoY), and 2025 NPAT forecast increases to VND 5,293bn (+41.8% YoY). We also revise 12M Target Price for MWG to VND 77,300/share, up 12.0% from our previous target of VND 69,000/share.

Since we released our initiation report, MWG’s share price increased from VND 59,600/share on March 05, 2025 to VND 72,000/share on Aug 08, 2025, a gain of 20.8%. With the new 12-month Target price of VND 77,300/share, a potential upside of 7.3% from the closing price of VND 72,000/share as of Aug 08, 2025, we change our recommendation for MWG from BUY to HOLD.