Mobile World (HOSE: MWG) | Q3 2025 Update, ADD – FW2026 Upside +14.1%

Solid Performance With Record Revenue Per Store

MWG delivered an outperforming 9M2025 performance, underpinned by robust results from its two core retail chains, DMX and TGDD. For 9M2025, revenue reached VND 113,607bn (+14.0% YoY) and NPAT reached VND 4,989bn (+73.2% YoY), fulfilling 76.2% and 97.6% of our full-year forecasts, respectively.

We revised our FY2025 revenue forecast to VND 151,945bn (+13.1% YoY) and FY2025 NPAT to VND 6,271bn (+68.0% YoY), supported by stronger performance from core retail chain and improving cost efficiency. For FY2026, we forecast revenue and NPAT to reach VND 170,980bn (+12.5% YoY) and VND 7,523bn (+20.0% YoY) respectively.

We raised our 12-month target price for MWG to VND 92,400/share, up 19.5% from the previous target of VND 77,300/share. With an upside potential of 14.1% from the closing price of VND 81,000/share on October 27, 2025, we revise our recommendation on MWG from HOLD to ADD.