DMX CEO: MWG Undervalued 40%, DMX IPO at 80,000 VND

Overview

CTCP Đầu tư Điện Máy Xanh (DMX) will debut on the UPCOM exchange on August 6 with a reference price of 80,000 VND per share, implying a market capitalization exceeding 100,000 billion VND. CEO Đoàn Văn Hiểu Em used the occasion to argue that MWG, which holds about 80% of DMX, is undervalued by at least 40% relative to its intrinsic worth. The listing is a key event for both DMX and its parent, MWG, as it separates the consumer electronics retail business from MWG’s other ventures.

Key Facts

• DMX lists on UPCOM on August 6 with a reference price of 80,000 VND/share, implying a market cap of over 100,000 billion VND.
• MWG’s market capitalization as of August 4 was approximately 106,000 billion VND, with MWG holding about 80% of DMX.
• CEO Đoàn Văn Hiểu Em states MWG is undervalued by at least 40% compared to its true value.
• DMX plans to pay a cash dividend of 4,000 VND/share from accumulated profits, with the record date on August 19, 2026, and payment on August 26, 2026.
• An additional interim dividend of 2,000 VND/share is expected in December 2026, with a final 2,000 VND/share in April 2027, totaling 8,000 VND/share (10% yield on IPO price) within 12 months.
• DMX also plans a 1:1 stock dividend from retained earnings and capital surplus after the IPO.
• DMX targets after-tax profit exceeding 10,000 billion VND in 2026, supporting its dividend policy.

What Happened

At a pre-listing meeting, CEO Đoàn Văn Hiểu Em addressed investor concerns about DMX’s valuation relative to MWG. When asked if buying DMX was like paying more for a living room than the whole house, he responded that DMX is a “gold-plated living room” while MWG is a “castle.” He argued that the market is undervaluing MWG by at least 40%, not that DMX is overpriced.

DMX will list on UPCOM on August 6 with a reference price of 80,000 VND per share. The company has committed to a dividend policy of at least 50% of after-tax profit annually. Immediately after listing, DMX will pay 4,000 VND per share in cash dividends, followed by additional payments totaling 4,000 VND per share over the next year, plus a 1:1 stock dividend. The CEO also projected 2026 after-tax profit could exceed 10,000 billion VND.

Market Context

DMX’s listing comes at a time when MWG’s stock closed at 72,100 VND on August 4, 2026, giving MWG a market cap of about 106,000 billion VND. The market’s valuation of DMX alone at over 100,000 billion VND implies that MWG’s other businesses—Bách Hoá Xanh, An Khang, and AVAKids—are collectively valued at only about 1 billion USD. This disconnect highlights the market’s current pricing of MWG’s diversified retail portfolio. DMX will trade on UPCOM, while MWG is listed on HOSE.

Strategic Significance

For long-term investors, the DMX listing is a strategic move to unlock value from MWG’s core electronics retail business. By listing DMX separately, MWG aims to highlight the strong cash generation and growth prospects of Điện Máy Xanh, while the parent company retains an 80% stake. The CEO’s comments suggest management believes the market is not fully appreciating MWG’s other assets, which could lead to a re-rating if DMX performs well. The dividend policy, with a minimum 50% payout and a 1:1 stock dividend, is designed to attract income-focused investors and signal confidence in future earnings.

What to Watch

• DMX’s first day of trading on August 6: price movement relative to the reference price of 80,000 VND.
• MWG’s stock reaction to DMX’s listing, particularly whether the perceived undervaluation narrows.
• DMX’s Q3 and full-year 2026 earnings reports to confirm the projected 10,000 billion VND after-tax profit.
• Execution of the dividend schedule: record date August 19, 2026, and payment on August 26, 2026.
• Any updates on MWG’s other segments (Bách Hoá Xanh, An Khang, AVAKids) that could affect the parent’s valuation.