MWG_3Q20 Review [BUY +39.7%] YoY NPAT growth to extend in 4Q20
Despite weakening demand of ICTs and CEs, we expect that earnings protection efforts of The Gioi Di Dong & Dien May Xanh and effective expansion of Dien May Xanh Super-mini format, will support Mobile World to achieve positive yoy NPAT growth in 2020. Based on 3-Y average PE multiple of 13.0x, we evaluate MWG share value at VND155,000 per share. The total expected return is 39.7%, including 1.3% cash dividend yield. BUY.