MWG: Dien May Xanh 9M2026 Revenue Up 29% Despite 21 Store Closures

Overview

Mobile World Investment Corporation (MWG), listed on HOSE, reported 9M2026 consolidated revenue of VND 99,460bn for its Dien May Xanh electronics chain, up 29% year-on-year, according to the company’s 9-month investor newsletter. The growth came despite the domestic network shrinking by 21 stores versus the same period last year, with September alone setting a record above VND 12,400bn.

Key Facts

• 9M2026 consolidated revenue reached VND 99,460bn, up 29% year-on-year, completing roughly 81% of the full-year VND 122,500bn target.
• Dien May Xanh operated 1,998 stores, down 21 outlets year-on-year and 10 versus the start of 2026; The Gioi Di Dong fell 9 stores to 919, while TopZone rose slightly to 86.
• Same-store revenue growth reached approximately 30% across Vietnam chains, with no new domestic store openings.
• September revenue exceeded VND 12,400bn, the highest monthly figure year-to-date.
• Apple product revenue rose 50%, versus 20% for Android; air conditioners also rose 50%, laptops and home appliances about 30%, refrigerators and washing machines 25%, and TVs 15%.
• Installment sales grew 50% year-on-year, lifting their share of revenue to 38% from 33% in 9M2025, with 96% of products eligible.
• Online and Super App revenue reached VND 14,361bn, up 37% and about 14% of total revenue, with 19.6 million Super App members, up 1.7 million since the start of the year.
• EraBlue in Indonesia generated VND 4,635bn in 9M2026, up 86% in rupiah terms, with 337 stores, targeting 500 by 2027 and 1,000 by 2030.

What Happened

The investor newsletter states that Dien May Xanh’s domestic store network contracted to 1,998 locations, 21 fewer than a year earlier, while The Gioi Di Dong declined by 9 to 919 stores and TopZone edged up to 86. Management attributed revenue growth to higher same-store productivity, an expanded product catalogue, and stronger promotion of installment payment and after-sales services rather than footprint expansion.

September was the standout month, with revenue above VND 12,400bn, the highest since the start of 2026. The company cited Apple as a key driver, with Apple product revenue up 50% and TopZone, the Apple-focused chain, posting the fastest growth at 34%. Pre-orders and deliveries in the first week of the iPhone 18 series were reported at double last year’s level. The newsletter does not disclose a net profit figure for the period.

Market Context

MWG closed at VND 74,400 on 5 October 2026 on HOSE. The 9M result places the retailer well ahead of a typical year’s seasonal curve, with 81% of the annual revenue plan already secured after three quarters. The result also reflects a broader shift in Vietnamese electronics retail, where chains are prioritising same-store productivity, installment financing, and online channels over physical expansion after several years of aggressive store rollout.

Strategic Significance

The store-count decline alongside 29% revenue growth signals that MWG’s domestic thesis has shifted from network expansion to operating leverage. Same-store growth of roughly 30% implies materially higher revenue per location, which should support margin recovery if rental and labour costs stay flat. The 38% installment share is a double-edged variable: it lifts basket conversion but ties performance to consumer credit conditions and any tightening in BNPL or card lending. Meanwhile, EraBlue’s 86% rupiah growth and 337-store footprint give MWG an optionality story outside Vietnam that is not yet reflected in the domestic store count.

What to Watch

• Q3 2026 audited financial statements, particularly gross margin and net profit, which the investor newsletter did not disclose.
• The extraordinary shareholders’ meeting referenced in September 2026 coverage, covering dividend and bond issuance plans.
• Monthly or quarterly updates on iPhone 18 sell-through and whether the doubled launch-week pre-order pace is sustained.
• EraBlue store openings toward the 500-store 2027 target and any disclosure on Indonesia profitability.
• Installment share of revenue and any change in consumer credit conditions affecting the 38% mix.