Dien May Xanh (DMX) Lists on HoSE August 6 with VND 100 Trillion Market Cap

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Investment Corporation (MWG), will list on the Ho Chi Minh City Stock Exchange (HoSE) on August 6, 2026, with a market capitalization exceeding VND 100 trillion. The listing follows a successful IPO that raised over VND 13,300 billion and attracted approximately 60 domestic and foreign funds. DMX also reported strong Q2 2026 results, with net profit surging 80% year-on-year.

Key Facts

• DMX will list nearly 1.3 billion shares on HoSE on August 6, 2026, with a reference price of VND 80,000 per share.
• The listing market cap is approximately VND 101.4 trillion, higher than parent MWG’s current market cap.
• DMX raised over VND 13,300 billion from its IPO, selling more than 166 million shares at VND 80,000 each.
• Post-IPO, DMX’s charter capital increased to over VND 12,677 billion.
• Approximately 60 institutional investors participated in the IPO, with foreign investors taking a significant portion.
• Q2 2026 revenue reached VND 32,700 billion (+29% YoY); net profit was VND 2,580 billion (+80% YoY).
• Net profit margin in Q2 2026 improved to 8.1%.

What Happened

HoSE approved the listing of DMX shares, with the first trading day set for August 6, 2026. The reference price is VND 80,000 per share, giving DMX a market capitalization of about VND 101.4 trillion. This valuation surpasses that of its parent company, MWG, which currently trades on HoSE. The IPO was heavily oversubscribed, with 93% of offered shares taken up, and attracted around 60 institutional investors, including a notable foreign presence.

DMX also released preliminary Q2 2026 results. CEO Doan Van Hieu Em stated that revenue reached VND 32,700 billion, up 29% year-on-year, while net profit exceeded VND 2,580 billion, an 80% increase. The net profit margin expanded to 8.1%, indicating improved operational efficiency. For the first half of 2026, DMX reported revenue of nearly VND 65,300 billion, up 31% year-on-year, completing over half of its annual target.

Market Context

DMX’s listing comes at a time when its parent MWG (ticker: MWG, HoSE) closed at VND 66,500 on July 29, 2026, giving it a market cap of roughly VND 97 trillion. DMX’s higher valuation reflects the market’s positive view of its standalone growth prospects. The electronics retail sector in Vietnam has been recovering, driven by consumer demand for smartphones, home appliances, and Apple products. DMX operates chains including Dien May Xanh and TopZone (Apple authorized reseller), and also generates revenue from financial services, warranties, and installation.

Strategic Significance

The listing allows the market to separately value DMX’s electronics retail business within the MWG ecosystem. DMX’s strong Q2 performance, with profit growth outpacing revenue growth, suggests improving margins and operational leverage. The successful IPO, with significant foreign participation, indicates international investor confidence in Vietnam’s retail sector. For MWG shareholders, the spin-off may unlock value, as DMX’s higher valuation could positively impact MWG’s consolidated value. However, the listing also creates a direct comparison between the two stocks, potentially leading to capital allocation decisions by investors.

What to Watch

• DMX’s first-day trading performance on August 6, 2026, and subsequent price discovery.
• Q3 2026 earnings release, expected in October 2026, to confirm sustained profit growth.
• Any updates on DMX’s expansion plans, including new store openings and service revenue growth.
• MWG’s Q2 2026 earnings report and management commentary on the impact of DMX’s listing.
• Foreign ownership levels in DMX and any changes in MWG’s foreign room.