Dien May Xanh Q2 Profit Surges 80%, Files for HoSE Listing
This Aveluro analysis covers DMX on UPCOM in the Retail sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Dien May Xanh (DMX), the retail subsidiary of Mobile World Investment Corporation (MWG), reported preliminary Q2 2026 after-tax profit of over VND 2,580 billion, up 80% year-on-year, on revenue of VND 32,700 billion (+29%). The company also filed for listing on the Ho Chi Minh City Stock Exchange (HoSE) on July 13, 2026, with a potential market capitalization of nearly $3.9 billion based on its IPO price of VND 80,000 per share.
Key Facts
- Q2 2026 after-tax profit: over VND 2,580 billion, up 80% YoY.
- Q2 2026 revenue: over VND 32,700 billion, up 29% YoY.
- Net profit margin in Q2 reached approximately 8.1%.
- DMX completed 53% of full-year revenue target and 65% of full-year profit target in H1 2026.
- Filed for listing of nearly 1.27 billion shares on HoSE on July 13, 2026.
- IPO raised approximately VND 13,293 billion, with 93% of offered shares subscribed.
- Potential market cap: over VND 100 trillion (nearly $3.9 billion) based on IPO price.
- H1 2026 revenue of DMX (including The Gioi Di Dong, Dien May Xanh, TopZone, EraBlue, Tho Dien May Xanh) reached nearly VND 65,100 billion, up 31% YoY.
What Happened
According to preliminary information from DMX CEO Doan Van Hieu Em, the company achieved strong Q2 results driven by improved operational efficiency. Profit growth significantly outpaced revenue growth, indicating margin expansion. The company attributed the performance to robust same-store sales growth (SSSG) of 32% and a 49% increase in installment sales revenue, which now accounts for 38% of total revenue.
On July 13, 2026, HoSE confirmed receipt of DMX’s listing application for nearly 1.27 billion shares. The listing follows a successful IPO that raised about VND 13,293 billion, with demand reaching 93% of the offer. DMX shares are expected to begin trading on HoSE in August 2026.
Market Context
DMX currently trades on UPCOM. The HoSE listing is expected to significantly improve liquidity and investor access. MWG, the parent company, closed at VND 63,300 on July 27, 2026. The strong Q2 results and upcoming listing come amid a recovery in consumer electronics demand in Vietnam, with DMX’s online revenue reaching VND 7,000 billion (11% of total) and TopZone (Apple products) growing 50% YoY.
Strategic Significance
The Q2 earnings beat and HoSE listing mark a pivotal moment for DMX as it transitions from a subsidiary to a standalone publicly listed entity. The strong profit growth, driven by operational leverage and digital sales, validates DMX’s strategy of focusing on same-store sales rather than aggressive store expansion. The listing will provide DMX with direct access to capital markets and potentially unlock value for MWG shareholders. Additionally, the international expansion via EraBlue in Indonesia, with revenue up 92% in IDR terms, suggests a scalable model beyond Vietnam.
What to Watch
- DMX’s official HoSE listing date and first-day trading performance in August 2026.
- Q3 2026 earnings release to confirm sustained profit growth trajectory.
- Progress of EraBlue’s store expansion in Indonesia and contribution to group revenue.
- Any updates on MWG’s stake reduction plans post-listing.
- Consumer spending trends in Vietnam’s electronics retail sector ahead of year-end season.