MWG Reports Record Q1 2026 Profit, Receives 30% Higher Buy Target

Overview

Thế Giới Di Động (MWG) reported Q1 2026 revenue of VND 46.25 trillion, up 28% year-on-year, and net profit of VND 2.668 trillion, up 72% year-on-year, according to its financial results. This marks the company’s fourth consecutive quarter of record profit. BSC Research maintained a BUY recommendation with a mid-term target price of VND 113,000 per share, nearly 30% above the closing price on April 20.

Key Facts

• Q1 2026 revenue: VND 46.25 trillion, up 28% year-on-year.
• Q1 2026 net profit: VND 2.668 trillion, up 72% year-on-year.
• BSC Research target price: VND 113,000 per share, maintained as BUY.
• Điện Máy Xanh (DMX) revenue: VND 32.6 trillion in Q1, up 30% year-on-year.
• DMX net profit: over VND 2.2 trillion in Q1, up nearly 50% year-on-year.
• Installment sales growth at DMX: 50% year-on-year in Q1.
• MWG completed approximately 25% of its full-year revenue target and nearly 30% of its profit target in Q1 alone.

What Happened

MWG released its Q1 2026 financial results, showing revenue of VND 46.25 trillion and net profit of VND 2.668 trillion, representing year-on-year growth of 28% and 72%, respectively. This performance marks the fourth consecutive quarter of record profit for the company. According to the report, the Điện Máy Xanh (DMX) unit remained the primary profit driver, contributing over VND 32.6 trillion in revenue and more than VND 2.2 trillion in net profit, with installment sales growing 50% year-on-year.

Following the earnings release, BSC Research maintained its BUY recommendation on MWG shares, with a mid-term target price of VND 113,000 per share. The analyst cited the company’s better-than-expected growth and effective execution of its business plan. MWG management noted that the company has already achieved about 25% of its full-year revenue target and nearly 30% of its profit target in the first quarter alone, creating potential to exceed its 2026 plan if positive trends continue.

Market Context

MWG shares trade on the HOSE. The stock closed at VND 81 on April 15, 2026, down 1.10% on volume of 3.065 million shares. The Q1 earnings beat and analyst upgrade come amid ongoing pressure in the retail sector from demand-side challenges. The positive recommendation and target price represent a significant premium to recent trading levels, reflecting analyst confidence in the company’s growth trajectory and strategic execution.

Strategic Significance

The results underscore MWG’s shift from pure retail to a consumer-solutions platform, particularly through Điện Máy Xanh’s integration of financial services with product sales. This approach is driving higher margins and customer retention. Additionally, the company’s focus on optimizing existing operations at Bách Hóa Xanh and expanding service offerings like installation and repair indicates a strategic pivot toward ecosystem monetization rather than aggressive store expansion, which could improve long-term profitability and capital efficiency.

What to Watch

• Full-year 2026 earnings results to confirm whether MWG exceeds its annual targets.
• Quarterly performance of the Điện Máy Xanh unit, especially installment sales growth.
• Progress on Bách Hóa Xanh’s operational efficiency and northern expansion plans.
• Any announcements regarding MWG’s M&A strategy for new growth drivers.
• Updates on the Erablue joint venture and international market developments.