- H1 2025: Net revenue was VND11.3tn (USD441mn; +13% YoY) and NPAT-MI was VND222bn (USD8.7mn; +22% YoY), completing 45% and 41% of our respective full-year forecasts. The results are in line with our expectations, and thus we see no material changes to our 2025F forecasts, pending a more comprehensive review.
- Q2 2025: Net revenue grew 14% YoY, driven by strong growth across most categories except mobile phones. Laptop sales (32% of Q2 revenue) increased 17% YoY, mainly fueled by rising demand for AI-related upgrades. Office equipment sales (24% of revenue) increased 59% YoY, primarily led by strong server sales growth (+56% YoY) and IoT devices (+104% YoY). Home appliances sales (6% of revenue) increased 74% YoY with the contribution of new brands (i.e., Philips, Funiki, and Cuckoo). Consumer goods (4% of revenue) grew 40% YoY, mainly supported by the newly added ABInBev HORECA distribution channel. These growth results outweighed a 12% YoY decline in mobile phone sales (34% of revenue), which fell due to weaker sales of both Xiaomi and Apple products.
- Profitability: Blended GPM contracted 60 bps YoY to 8.5% in Q2 2025. In addition, increased marketing and promotional expenses drove EBIT margin down 1.3 ppts YoY to 1.0% in Q2 2025. In contrast, NPM improved by 20 bps YoY to 2.0% in Q2 2025, supported by higher net financial income.
DGW’s Q2 & H1 2025 results
VND bn | Q2 2025 | YoY | H1 2025 | YoY | 2025F | H1 2025/ Vietcap’s 2025F |
Net revenue | 5,731 | 14% | 11,251 | 13% | 25,207 | 45% |
| 1,832 | 17% | 3,223 | 19% | 7,221 | 45% |
| 1,959 | -12% | 4,194 | -10% | 10,174 | 41% |
| 1,368 | 59% | 2,641 | 41% | 5,484 | 48% |
| 346 | 74% | 747 | 83% | 1,325 | 56% |
| 226 | 40% | 446 | 29% | 1,003 | 45% |
Gross profit | 487 | 6% | 968 | 14% | 2,398 | 40% |
SG&A expenses | -432 | 26% | -725 | 18% | -1,713 | 42% |
EBIT | 55 | -52% | 243 | 5% | 685 | 36% |
Net financial income | 85 | N.M. | 32 | N.M. | 16 | 204% |
| 65 | 70% | 116 | 87% | 148 | 78% |
| 20 | N.M. | -84 | 20% | -133 | 63% |
NPAT-MI | 116 | 30% | 222 | 22% | 538 | 41% |
Gross margin | 8.5% | -0.6 ppts | 8.6% | 0.1 ppts | 9.5% |
|
SG&A expenses/net revenue | 7.5% | 0.7 ppts | 6.4% | 0.3 ppts | 6.8% |
|
EBIT margin | 1.0% | -1.3 ppts | 2.2% | -0.2 ppts | 2.7% |
|
NPAT-MI margin | 2.0% | 0.2 ppts | 2.0% | 0.2 ppts | 2.1% |
|
Source: DGW, Vietcap
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