BVSC has revised upward its 2026 forecasts. We now project net revenue of VND 188,356 billion (+20% YoY) and net profit attributable to shareholders of VND 9,879 billion (+40% YoY). While the revenue forecast remains largely unchanged, the profit forecast has been raised by 5%, primarily reflecting the better-than-expected operating efficiency improvements at both DMX and BHX in Q1.

Investment Recommedation. BVSC maintains our OUTPERFORM recommendation on MWG with a target price of VND 119,700 per share (up 3% from the previous update), driven by the upward revision to DMX’s earnings contribution. We believe MWG’s impressive business momentum will be the primary catalyst supporting the stock price for the remainder of 2026.

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Please find the attached file below.