MWG Holds High Inventory as DRAM, NAND Flash Prices Surge: Q1 2026 Profit Up 78%

Overview

Mobile World Investment Corporation (MWG) reported record Q1 2026 results with net profit surging 78% YoY to VND 2,758B, as the retailer maintains a high inventory of electronic devices amid forecasts of strong DRAM and NAND Flash price increases. The company’s electronics inventory stood at VND 18.3T as of March 31, positioning it to potentially benefit from rising component costs.

Key Facts

• MWG’s Q1 2026 net profit reached VND 2,758B, up 78% YoY, a record high.
• Q1 2026 revenue was VND 46,462B, up 29% YoY.
• Inventory (net of provisions) increased by nearly VND 300B from year-end to VND 27,600B, with electronics (phones, laptops, tablets) accounting for VND 18,300B.
• TrendForce forecasts DRAM contract prices to rise 58-63% in Q2 2026, following a 90% YoY increase in Q1.
• NAND Flash prices are expected to jump 70-75% in Q2 2026, accelerating from 60% growth in Q1.
• MWG targets FY2026 revenue of VND 185,000B (+18%) and net profit of VND 9,200B (+30%).
• Q1 results achieved 25% of revenue target and 30% of profit target.

What Happened

According to MWG’s Q1 2026 financial report, the company maintained a high level of electronics inventory amid a global surge in memory chip prices. Market research firm TrendForce projects DRAM contract prices will increase 58-63% in Q2 2026, while NAND Flash prices could rise 70-75% quarter-on-quarter. This follows a record 90% YoY increase in DRAM prices in Q1, driven by chip suppliers prioritizing production for AI customers.

At MWG’s 2026 Annual General Meeting, CEO Vu Dang Linh expressed confidence in Q2 performance, citing the upcoming peak season for electronics and appliances. Chairman Nguyen Duc Tai noted that the company’s ambitious 2026 plan was set before geopolitical tensions in the Middle East, but MWG has no intention of revising its targets.

Market Context

MWG shares closed at VND 81 on April 15, 2026, down 1.10% on volume of 3.07 million shares. The stock trades on HOSE. The company’s high inventory strategy comes as the retail sector faces margin pressure from rising input costs, but MWG’s ability to sell existing stock at higher prices could provide a competitive advantage. The broader VN-Index has been volatile amid global trade uncertainties.

Strategic Significance

MWG’s elevated inventory of electronic devices, particularly memory-intensive products like laptops and tablets, positions the retailer to capture margin gains as DRAM and NAND Flash prices rise. By holding stock purchased at lower costs, MWG can sell at current market prices, potentially boosting gross margins in the coming quarters. This strategy aligns with the company’s record profit target for 2026 and reflects management’s confidence in demand despite geopolitical risks.

What to Watch

• Q2 2026 earnings release in July 2026 to confirm margin impact from inventory gains.
• TrendForce monthly DRAM and NAND Flash price updates for Q3 2026 forecasts.
• MWG’s inventory turnover ratio and any changes in procurement strategy.
• Updates on Middle East geopolitical developments and their effect on consumer demand.
• Competitor inventory levels and pricing strategies in the Vietnamese electronics retail market.