Dien May Xanh IPO: Standalone Net Profit Surges 56% to VND 5,801B in 2025
This Aveluro analysis covers MWG (Đầu tư Thế Giới Di Động) in the Retail sector. The classified event type is ipo, with positive sentiment and a deterministic market-impact score of 6.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from VnEconomy - Chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
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Overview
Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Investment Corporation (MWG), has received IPO approval from the State Securities Commission. For the first time, DMX disclosed standalone financial statements, showing 2025 net profit surged 56.1% to VND 5,801 billion on revenue of VND 109,479 billion (+17.3%). The strong performance highlights DMX’s role as MWG’s core profit engine.
Key Facts
- DMX received IPO approval from the State Securities Commission (SSC).
- 2025 standalone net profit reached VND 5,801 billion, up 56.1% from VND 3,717 billion in 2024.
- 2025 revenue stood at VND 109,479 billion, a 17.3% increase year-on-year.
- Net profit margin improved to 6.8% in 2025 from 5.3% in 2024.
- ROE exceeded 30% in 2025.
- Q1 2026 net profit was VND 2,218 billion, completing over 30% of the full-year plan.
- Same-store sales growth (SSSG) hit a record 34%.
- Inventory turnover improved to 4.4 turns in 2025 from 4.2 turns in 2024.
What Happened
Dien May Xanh (DMX) has received formal approval from the State Securities Commission to proceed with its initial public offering (IPO). The approval marks a key milestone for the electronics retailer, which has long been a major contributor to parent company MWG’s consolidated results. Following the approval, DMX released its first standalone financial statements, providing investors with a clear view of its financial health.
The standalone report reveals that DMX’s 2025 net profit surged 56.1% to VND 5,801 billion, far outpacing revenue growth of 17.3% to VND 109,479 billion. The company attributed the profit leap to improved product mix toward higher-margin items and operational efficiency initiatives. Net profit margin rose to 6.8% from 5.3% in 2024. DMX also reported record same-store sales growth of 34%, indicating that growth came from existing stores rather than expansion. Inventory turnover improved to 4.4 turns, reducing holding costs and obsolescence risk.
Market Context
MWG shares closed at VND 78,700 on May 25, 2026, down 0.88% on volume of 2.5 million shares. The stock trades on HOSE. DMX’s IPO comes at a time when Vietnam’s retail sector is recovering, with consumer electronics demand supported by rising incomes and urbanization. DMX’s strong standalone performance reinforces MWG’s investment case, as DMX is the group’s primary profit contributor.
Strategic Significance
DMX’s IPO will create a separately listed entity, allowing investors to directly value the electronics retail business. The standalone financials confirm DMX’s high profitability and operational efficiency, with ROE above 30% and improving margins. The IPO proceeds could fund further expansion or debt reduction. For MWG shareholders, the listing may unlock value as the market assigns a separate valuation to DMX, potentially higher than its current implied value within MWG.
What to Watch
- DMX IPO pricing and valuation range, expected in the coming weeks.
- Allocation of IPO proceeds and any impact on MWG’s consolidated financials.
- DMX’s ability to sustain same-store sales growth above 30%.
- Q2 2026 earnings release for DMX to confirm margin trends.
- Any changes in MWG’s stake post-IPO and potential special dividends.