DMX Guides 2026 Net Profit to VND 10,000B, +64% YoY, on Used-Electronics Import Ban

Overview

Dien May Xanh (DMX), listed on UPCOM, held an investor meeting on 3 November 2026 at which management guided 2026 net profit to VND 10,000 billion, up 64% year on year, with potential to exceed VND 10,500 billion. The company also outlined 2027 revenue and net profit growth of 15% and 20% respectively, and pointed to a planned ban on imports of used electronic devices effective 1 January 2027 as a structural tailwind for its new-product retail model.

Key Facts

• 2026 net profit target: VND 10,000 billion, equal to +64% year on year, with management indicating the figure could exceed VND 10,500 billion.
• 2027 guidance: revenue +15% and net profit +20% versus the prior year.
• Q4 2026 net profit expected to be no lower than Q3 2026, supported by the year-end shopping season.
• Ban on imports of used electronic devices takes effect 1 January 2027, per a Vietcap analysis cited in the coverage.
• DMX holds roughly 50% market share in each of its ICT product categories, with management seeing room to expand.
• Apple’s contribution to DMX sales rose 2 percentage points, while Android revenue at DMX still grew 20% year on year.
• House of Future, a new AI, robotics and smart-home format, is slated to launch in Q4 2026 or by Q1 2027 at the latest.

What Happened

At the 3 November investor meeting, the leadership of CTCP Đầu tư Điện Máy Xanh presented an updated outlook covering the fourth quarter of 2026, full-year 2026 and 2027. Management said Q4 2026 net profit should be no lower than the Q3 result, helped by the year-end shopping season, and set a full-year 2026 net profit target of VND 10,000 billion, a 64% increase year on year, with scope to surpass VND 10,500 billion. For 2027, the company guided revenue and net profit growth of 15% and 20% respectively.

The coverage cites a Vietcap report arguing that a planned prohibition on importing used electronic equipment from 1 January 2027 is likely to benefit DMX, which primarily sells new, officially sourced products. Management expects the ICT and home-appliance categories to grow at double-digit rates in 2027 and beyond, driven by AI-related device upgrades, the end of Windows 10 support and replacement demand for devices purchased during 2020–2022. Vietcap noted that excluding DMX, the domestic market recorded lower volumes and only modest value growth in the first nine months of 2026, implying that most market growth came from DMX gaining share. General Director Đoàn Văn Hiểu Em also discussed House of Future, a format spanning AI, robotics, smart home and health-care technology, which the company does not expect to contribute meaningfully to revenue or profit in its early phase.

Market Context

DMX closed at VND 74,500 on 3 November 2026, the date of the investor meeting, on the UPCOM exchange. The stock sits in Vietnam’s consumer electronics and home-appliance retail segment, where DMX competes alongside other ICT chains and e-commerce platforms. The guidance lands against a domestic electronics market that Vietcap describes as growing only modestly in value in the first nine months of 2026 once DMX is excluded, suggesting the company’s growth is being driven by share gains rather than category expansion. The 2027 import restriction adds a policy dimension to that share story.

Strategic Significance

The core thesis is that DMX’s scale and new-product positioning let it compound earnings faster than the underlying market, and that the 2027 import ban tilts the competitive field further toward authorized new-device channels and away from grey-market used imports. A 64% net profit increase in 2026 on top of double-digit 2027 growth implies operating leverage from share gains and mix, including a rising Apple contribution alongside 20% Android revenue growth. House of Future is an optionality layer rather than a near-term earnings driver, and management’s stated reluctance to set revenue or profit targets for it limits its relevance to the 2026–2027 numbers.

What to Watch

• Q4 2026 and full-year 2026 results, to test whether net profit clears VND 10,000 billion and approaches the VND 10,500 billion upside case.
• Implementation details and enforcement timeline for the 1 January 2027 ban on used electronics imports.
• Launch timing and initial store economics for the House of Future format in Q4 2026 or Q1 2027.
• Market-share disclosures for ICT and home appliances, and the Apple versus Android revenue mix.
• Any update to Vietcap’s estimates or target price following the investor meeting.