DMX Posts Record September Revenue of VND 12,410B, Up 29% YTD

Overview

Dien May Xanh (ticker DMX) reported record monthly revenue of VND 12,410 billion for September 2026, the highest of the year and above the Tet holiday peak. Cumulative nine-month revenue reached nearly VND 99,500 billion, up 29% year-on-year, according to the company’s business update. The result matters for DMX because it demonstrates same-store sales growth of roughly 30% without expanding its domestic store count, just two months after its HoSE listing.

Key Facts

• September 2026 revenue: VND 12,410 billion, the highest monthly figure since the start of the year and above the Tet peak.
• Nine-month 2026 revenue: nearly VND 99,500 billion, up 29% year-on-year.
• Same-store sales growth (SSSG): approximately 30%.
• iPhone 18 Series pre-orders and first-week deliveries were 2x the prior-year period; the report does not break out iPhone 18’s specific contribution to September revenue.
• Apple category revenue rose about 50% over nine months; air conditioners also grew about 50%.
• IPO: more than 166 million shares distributed, raising over VND 13,300 billion.
• Listing: more than 1.26 billion DMX shares began trading on HoSE on 6 August 2026 at a reference price of VND 80,000, implying market capitalization above VND 101,000 billion.

What Happened

Dien May Xanh Investment Corporation (DMX) published its nine-month 2026 business results, with September standing out. The company reported September revenue of VND 12,410 billion, a record for the year that exceeded even the Tet holiday peak. For the first nine months, revenue reached nearly VND 99,500 billion, up 29% year-on-year, with same-store sales growth of about 30%.

The record was set even as Dien May Xanh stopped prioritizing aggressive expansion of its domestic store network. In prior monthly reports, the Dien May Xanh, The Gioi Di Dong and TopZone chains essentially maintained their existing footprint while the company focused on monetizing sales and service channels on its existing platform. September also coincided with a key phone sales period as the iPhone 18 Series opened for pre-order and delivery; the company said first-week pre-orders and deliveries were double the prior-year level. Apple was among the strongest categories over nine months, with revenue up about 50%, and air conditioners also grew roughly 50%. The report does not disclose the transaction value of any single product line or the specific revenue contribution of the iPhone 18.

Market Context

DMX closed at VND 77,000 on 5 October 2026, below its VND 80,000 listing reference price of 6 August 2026. The company trades on HoSE, having completed an IPO that raised over VND 13,300 billion and listed more than 1.26 billion shares. The record revenue comes as Vietnamese retailers pivot from store-count expansion toward same-store productivity and service monetization, a shift that has defined the sector’s earnings narrative in 2026.

Strategic Significance

The September record supports the thesis that DMX can grow revenue through category mix and channel execution rather than new store openings. Apple and air conditioning, each up about 50% over nine months, show the company is capturing premium electronics demand and seasonal appliance cycles. The planned growth vectors outlined around the IPO, including consumer finance solutions, technical service commercialization, the Super App channel, and EraBlue in Indonesia, position DMX to diversify beyond domestic retail. For long-term investors, the key question is whether roughly 30% SSSG is sustainable once iPhone 18 launch demand normalizes.

What to Watch

• Q3 2026 earnings release, which should clarify September’s margin and profit contribution.
• October and November revenue updates to gauge whether iPhone 18 demand sustains beyond the launch window.
• EraBlue Indonesia expansion progress, including store count and revenue disclosure.
• Consumer finance and Super App monetization metrics in the next quarterly report.
• Foreign-ownership and major shareholder filings, following the CEO’s second share purchase of DMX.