ĐHĐCĐ Thế Giới Di Động (MWG): Báo lãi quý 1 cao thứ hai lịch sử, đặt mục tiêu tăng trưởng mạnh 2025 và hé mở chiến lược mới

Key Points

• MWG reported its second-highest ever quarterly profit in Q1 2025, significantly exceeding targets.
• The company set ambitious growth targets for 2025 and expressed confidence in its adaptability despite global uncertainties.
• Strategic shift for TGDĐ/ĐMX focuses on 'quality' growth and market share expansion through deeper exploitation of existing stores and channels.
• BHX is expanding cautiously with focus on quality and improved unit economics, targeting food safety by 2030.
• An Khang continues focusing on core pharmacy business.
• International expansion in Indonesia (EraBlue) is successful and aiming for regional leadership.
• Chairman Nguyen Duc Tai clarified his role is strategic guidance, with daily operations handled by key executives, signaling a structured transition.

Detailed Summary

• Q1 2025 saw impressive results: Net revenue reached 36.135 billion VND (+~15% YoY), and profit after tax surged over 71% to 1.548 billion VND, marking the second-highest quarterly profit historically.
• These results put MWG on track to meet its 2025 goals, completing 24% of revenue and 32% of profit targets. The full-year 2025 plan targets 150,000 billion VND in revenue (+12%) and 4,850 billion VND in profit (+30%).
• Despite global uncertainties, management is confident due to recent restructuring, viewing US tariff impacts as indirect. Optimism for the domestic market stems from government growth drive and public investment.
• However, the 2025 dividend plan was adjusted to a maximum of 1,000 VND/share for prudence in case of severe global disruptions.
• For TGDĐ/ĐMX, the strategy shifts from quantity to quality-based growth leveraging scale. They aim for a 70-80% market share by 2030 (from 50-60%) by optimizing existing stores, partnering closely with brands, securing exclusive products, expanding categories, promoting instalment plans, and developing online channels.
• BHX opened over 200 stores in early 2025, prioritizing quality. Average revenue in the South is 2.1 billion VND/month, with significant growth potential. New Central stores have lower costs. Food safety is a long-term goal (2030), focusing on reputable suppliers.
• An Khang (pharmacy) will focus on core drug sales and has stabilized with 326 healthy stores averaging over 550 million VND/month.
• International JV EraBlue (Indonesia) is highly successful, becoming profitable quickly. It plans aggressive expansion to 500 stores and >1 billion USD cumulative revenue by 2027.
• MWG is exploring new business areas/chains, though details are premature.
• Chairman Nguyen Duc Tai clarified his role as strategic leadership and "spiritual representative", while daily operations are run by the CEO and Executive Directors of main chains. A systematic leadership transition is underway.

Conclusions

• MWG had a very strong start to 2025, setting a positive tone for the year.
• The company is confident in its strategy and adaptability to navigate market challenges.
• MWG is strategically evolving its core businesses for deeper growth and quality improvement based on its established scale.
• International expansion shows promise, with a clear path for becoming a regional leader.
• The leadership structure is transitioning, with key executives taking charge of daily operations under the Chairman's guidance.
• MWG is positioning itself for long-term growth, aiming to be the leading retail group in Southeast Asia.