Dien May Xanh Revenue Hits VND 43.3 Trillion Ahead of Q2 2025 IPO

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Group (MWG), reported robust 4-month revenue of VND 43,283 billion, up 32% year-on-year, and confirmed plans for an IPO in Q2 2025. The company achieved average daily revenue of VND 360 billion, driven by strong same-store sales growth across all chains.

Key Facts

• DMX reported 4-month revenue of VND 43,283 billion, up 32% YoY, completing 35% of its full-year plan.
• Average daily revenue reached VND 360 billion.
• Same-store sales growth (SSSG) was 33% across all chains.
• Topzone revenue surged 60% YoY, driven by Apple product sales.
• Erablue revenue jumped 94% YoY, supported by 20% SSSG and 123 new stores.
• Buy-now-pay-later revenue rose 48% YoY, accounting for 38% of total revenue; 96% of products offered installment plans.
• DMX targets 2026-2030 revenue of VND 182,000 billion (11% CAGR) and net profit of VND 13,000 billion (16% CAGR), doubling from current levels.

What Happened

DMX, a key subsidiary of MWG, disclosed its 4-month business results ahead of its planned IPO in Q2 2025. The company reported strong revenue growth across all chains and product categories, with particular strength in Topzone (Apple products) and Erablue (electronics in Indonesia). DMX also highlighted growth in its services segment, including utility and banking payment services (VND 37,000 billion in transaction value) and its repair service Tho DMX (revenue up 60% YoY).

CEO Doan Van Hieu Em stated that during the upcoming IPO, management will invest using personal funds or restructure their holdings in MWG, reaffirming a long-term commitment to shareholder interests while balancing the interests of existing MWG shareholders and new DMX shareholders.

Market Context

MWG shares closed at VND 81,000 on April 15, 2026, down 1.10% with volume of 3.07 million shares. The stock trades on HOSE. DMX’s strong performance comes amid a competitive retail environment in Vietnam, where consumer electronics demand has been recovering. The planned IPO of DMX is expected to unlock value for MWG shareholders, as DMX is one of MWG’s three core business segments alongside Bach Hoa Xanh and other retail chains.

Strategic Significance

The DMX IPO represents a strategic move to separate MWG’s electronics retail business, allowing DMX to access capital markets directly and fund its expansion, particularly in Indonesia via Erablue. DMX’s long-term target of doubling net profit to VND 13,000 billion by 2030 implies a compound annual growth rate of 16%, driven by higher-margin services such as financial services and after-sales support. The IPO also provides a liquidity event for MWG shareholders and aligns management incentives through personal investment.

What to Watch

• Timing and pricing of the DMX IPO in Q2 2025.
• DMX’s ability to sustain same-store sales growth above 30%.
• Expansion progress of Erablue in Indonesia and its contribution to revenue.
• Impact of the IPO on MWG’s consolidated financials and stock valuation.
• Q2 2025 earnings release for DMX and MWG to confirm growth trajectory.