Dien May Xanh (DMX) 9M 2026 Revenue Hits VND 99,460B, Up 29% YoY

Overview

Dien May Xanh (ticker DMX, UPCOM) reported 9M 2026 revenue of VND 99,460 billion, up 29% year-on-year and equal to 81% of its full-year plan. September revenue alone exceeded VND 12,400 billion, the highest monthly figure of the year and above the Tet holiday peak. The company targets 30% full-year revenue growth and will hold an extraordinary shareholder meeting (EGM) on October 29 to discuss a cash dividend and a bond issuance with warrants.

Key Facts

• 9M 2026 revenue: VND 99,460 billion, +29% YoY, 81% of the annual plan.
• September 2026 revenue: over VND 12,400 billion, a year-to-date record and above the Tet peak.
• Same-store sales growth (SSSG) of 30%, with no new store openings.
• TopZone chain revenue +34% YoY; Apple product revenue +50% YoY; first-week iPhone 18 series pre-orders and deliveries doubled versus last year.
• Installment sales rose 50% YoY, lifting the installment share of revenue to 38% from 33% in 9M 2025.
• Prior cash dividend of over VND 5,000 billion paid on August 26, 2026, at a 40% ratio (VND 4,000 per share).
• EGM scheduled for October 29, 2026, with a shareholder record date of October 5, 2026.

What Happened

According to the company’s 9M 2026 business results announcement, Dien May Xanh Investment Corporation (CTCP Đầu tư Điện Máy Xanh) recorded revenue of VND 99,460 billion for the first nine months of 2026, up 29% from the same period last year and completing 81% of its annual target. September revenue exceeded VND 12,400 billion, the highest monthly level this year and above the Tet holiday peak. Growth was broad-based across all chains and categories, driven by existing stores rather than new openings, with same-store sales growth of 30%.

Management attributed the performance to 0% interest installment financing and expanded after-sales services, which supported purchasing even as selling prices rose without heavy discounting. Installment revenue increased 50% YoY, raising its share of total revenue to 38% from 33% a year earlier. TopZone, the Apple-focused chain, posted the strongest growth at +34%, helped by a 50% YoY rise in Apple product revenue and first-week iPhone 18 series pre-orders and deliveries that doubled year-on-year. Other key categories, led by air conditioners and laptops, grew between 15% and 50% YoY. For Q4, DMX targets 30% full-year revenue growth, citing the new foldable Apple product (iPhone Duo) and the year-end shopping season. The EGM on October 29 will consider a cash dividend from 2026 undistributed profits and a private placement of bonds with warrants; the dividend ratio, total payout, and bond issue size and terms have not been disclosed.

Market Context

DMX closed at VND 77,000 on October 5, 2026, the day the 9M results were announced. The stock trades on UPCOM, Vietnam’s unlisted public company market. The results extend a strong run for the electronics retail sector, which has benefited from recovering consumer demand, Apple product cycles, and installment-led purchasing. The company’s prior cash dividend of VND 5,000 billion (40%, or VND 4,000 per share) paid in August 2026 underscores its cash generation. The broader Vietnamese retail sector has seen mixed performance, but DMX’s same-store growth and Apple-driven momentum contrast with more muted trends elsewhere.

Strategic Significance

DMX’s 9M results demonstrate that growth is coming from productivity gains at existing stores rather than footprint expansion, a capital-efficient model that supports margins and cash flow. The 30% SSSG, combined with a rising installment mix and Apple’s premium product cycle, positions the company to capture wallet share in a market where consumer electronics demand is increasingly driven by financing and trade-in programs. The upcoming EGM’s dual agenda, a cash dividend and a bond issue with warrants, signals a balance between returning capital to shareholders and funding expansion. For long-term investors, the key thesis is whether DMX can sustain 30% growth into 2027 as the iPhone 18 cycle matures and competition in electronics retail intensifies. The bond-with-warrants structure, if approved, could dilute equity while providing growth capital, making the terms a critical factor.

What to Watch

• EGM on October 29, 2026: dividend ratio, total payout, and bond-with-warrants terms.
• Q3 2026 earnings release (exact date not yet announced) for margin and profit detail.
• iPhone 18 series sell-through data and iPhone Duo launch timing in Q4 2026.
• Monthly or quarterly revenue updates for October and November, covering the year-end shopping season.
• Any regulatory filings on the bond issuance with warrants, including size and conversion price.