MWG: Dien May Xanh 9M Revenue Hits VND 99,460B, Up 29% YoY

Overview

Dien May Xanh (DMX), the electronics retail arm of Mobile World Investment Corporation (MWG), reported nine-month 2026 revenue of VND 99,460 billion, up 29% year-on-year and equal to 81% of its full-year plan. September revenue alone reached VND 12,400 billion, the highest monthly figure this year. The results matter for MWG, listed on the Ho Chi Minh Stock Exchange (HOSE), because DMX is the group’s largest revenue contributor and the figures signal sustained consumer electronics demand despite a shrinking domestic store network.

Key Facts

• 9M 2026 revenue: VND 99,460 billion, +29% year-on-year, 81% of the full-year plan.
• September revenue: over VND 12,400 billion, the highest monthly level in 2026, up 7.2% from August.
• Average daily sales in September: VND 414 billion, versus VND 373 billion in August.
• Store count at end-September: 3,003 across Dien May Xanh, The Gioi Di Dong and TopZone, down 4 from end-August.
• Same-store revenue rose 30% year-on-year; Apple product revenue grew 50% and contributed 20% of total revenue.
• Erablue in Indonesia added 30 stores in September to reach 337; 9M revenue was VND 4,635 billion, up 86% in rupiah terms.
• Online and app channels generated VND 14,361 billion in 9M, up 37% and 14% of total revenue; the app has 19.6 million members.

What Happened

According to the company’s September business update, Dien May Xanh maintained revenue growth even as its Vietnamese store network continued to contract. The three domestic chains ended September with 3,003 stores, four fewer than at the end of August. Same-store sales, however, rose 30% year-on-year, indicating that growth is coming from higher basket values and product mix rather than new floor space. September’s daily average revenue of VND 414 billion compared with VND 373 billion in August.

The Apple product category was a key driver. Dien May Xanh recorded 182,600 pre-orders for the iPhone 18 Pro and iPhone 18 Pro Max, double the prior year, according to the company’s disclosure on the September 18 launch day. After nine months, Apple product revenue rose 50% year-on-year and accounted for 20% of total revenue. TopZone, the Apple-focused chain, posted the fastest growth in the system at 34%, while Dien May Xanh and The Gioi Di Dong each grew 29%. Android phone revenue accelerated to 20% growth from 15% after eight months, while laptop growth narrowed to 30% from 40%, TV to 15% from 20%, and refrigerators to 25% from 30%.

Market Context

MWG closed at VND 74,400 on October 5, 2026, on HOSE. The retail sector has been a focal point for Vietnamese equity investors as consumer demand rotates toward premium electronics and online channels. The company’s online and app channels generated VND 14,361 billion in the first nine months, up 37% and representing 14% of total revenue, with 19.6 million app members. In Indonesia, the Erablue chain added 30 stores in September to reach 337, with 9M revenue of VND 4,635 billion, up 86% in rupiah terms, underscoring the regional expansion angle.

Strategic Significance

For long-term investors, the results highlight MWG’s ability to grow revenue without expanding its domestic store footprint, a shift from the historical brick-and-mortar expansion model. The 30% same-store sales growth and the rising contribution of Apple products (20% of revenue) suggest a mix upgrade toward higher-margin premium goods. The online channel’s 37% growth and 19.6 million app members provide a scalable platform that could support margins if logistics and marketing costs are managed. The Indonesia expansion via Erablue, now at 337 stores, offers a second growth engine, though currency translation (rupiah) and execution risks remain. The company’s full-year revenue target of VND 122,500 billion implies VND 23,040 billion in Q4, or VND 7,680 billion per month, a pace below September’s VND 12,400 billion, suggesting the plan may be conservative if momentum holds.

What to Watch

• Q4 2026 revenue and whether the company meets or exceeds its VND 122,500 billion full-year target.
• iPhone Duo foldable launch and year-end shopping season demand, cited by the company as Q4 drivers.
• Further store count changes in Vietnam and Erablue’s expansion pace in Indonesia.
• Gross margin and profit figures, which are not disclosed in the September revenue update.
• Any updates from Mirae Asset or other analysts on H2 growth sustainability, given the strong prior-year comparison.