BVSC reiterates the OUTPERFORM rating on MWG, with a target price of VND91,300/share based on the profit outlook for 2H 2025 and 2026. We believe MWG’s 13% year-to-date stock increase does not fully reflect this year’s strong business recovery or its future growth potential. Furthermore, the treasury share buyback event should continue to support the stock price through the rest of 2025.

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Please find the attached file below.