DMX July Revenue Hits VND 330B/Day, 7M Sales Up 29%

Overview

CTCP Đầu tư Điện Máy Xanh (DMX) announced its 7-month 2026 business results with revenue reaching VND 75,474 billion, up 29% year-on-year on a comparable basis, and completing 62% of its annual revenue plan of VND 122,500 billion. In July alone, DMX generated approximately VND 10,200 billion, averaging VND 330 billion per day. The growth was broad-based across chains and product groups, with air conditioners leading at +55%.

Key Facts

• 7M 2026 revenue: VND 75,474 billion, +29% YoY (comparable basis), 62% of full-year target.
• July 2026 revenue: ~VND 10,200 billion, ~VND 330 billion/day.
• Same-store sales growth (SSSG): 30%.
• Buy-now-pay-later revenue: +47% YoY, 38% of total revenue (vs 35% in 2025), applied to 97% of products.
• EraBlue (Indonesia) revenue: VND 2,228 billion IDR, +89% YoY, SSSG 15%, 283 stores (+102 YTD).
• Chain revenue growth (Vietnam): Thế Giới Di Động +27%, Điện Máy Xanh +30%, TopZone +34%.
• Product category growth: Apple phones +50%, Android phones +15%, laptops +35%, air conditioners +55%.
• Store count (end-July): 2,002 Điện Máy Xanh, 921 Thế Giới Di Động, 84 TopZone (slight declines YTD).

What Happened

DMX, a major Vietnamese electronics retailer, released its cumulative 7-month 2026 business update on August 6, 2026. The company reported revenue of VND 75,474 billion, a 29% increase compared to the same period in 2025 on a comparable basis, reaching 62% of its annual target of VND 122,500 billion. The company highlighted that growth was consistent across all chains and major product categories, with same-store sales growth of 30%.

In July, DMX recorded approximately VND 10,200 billion in revenue, averaging VND 330 billion per day. The company attributed strong performance to seasonal demand for air conditioners, which grew 55% year-on-year, and continued momentum in Apple products, up 50%. Despite not expanding its store network in Vietnam (store counts slightly declined), all chains achieved double-digit revenue growth.

Market Context

DMX trades on the UPCOM exchange, closing at VND 84,000 on August 7, 2026. The company operates in the Vietnamese retail sector, facing competition from both traditional and online players. The broader Vietnamese retail market has been recovering, with consumer spending improving. DMX’s strong results, particularly in high-ticket items like air conditioners and Apple products, suggest robust consumer demand. The company’s expansion in Indonesia via EraBlue is a key growth driver, with 283 stores and a target of 500 by 2027.

Strategic Significance

DMX’s performance underscores its ability to grow revenue without expanding its physical footprint in Vietnam, driven by same-store sales growth and increased adoption of buy-now-pay-later options. The strong growth in air conditioners and Apple products indicates effective category management and seasonal positioning. The expansion of EraBlue in Indonesia represents a significant international growth opportunity, with the company aiming for 1,000 stores by 2030. The rise in buy-now-pay-later penetration (38% of revenue) could boost customer spending but also introduces credit risk that investors should monitor.

What to Watch

• Q3 2026 earnings release (expected October 2026) to see if growth momentum continues.
• Monthly revenue updates for August and September, particularly air-conditioner sales as summer season ends.
• EraBlue store count and revenue growth in Indonesia, tracking progress toward 500-store target.
• Changes in buy-now-pay-later default rates and provisioning.
• Any updates on store network rationalization in Vietnam and its impact on long-term growth.