1. Q2 2026 results:
- Net revenue grew 27% YoY in Q2 2026, mainly led by laptops & tablets, office equipment, and home appliances. Gross profit surged 94% YoY and blended GPM expanded 4.5 ppts YoY to 13.0%, primarily reflecting higher laptop GPM, as DGW was able to pass through cost increases to customers and, in some cases, further expand GPM through inventory gains. SG&A expenses increased 38% YoY and SG&A expenses/net revenue increased 60 bps YoY to 8.2%, mainly due to higher promotional expenses. As a result, NPAT-MI surged 167% YoY.
- DGW reduced its trading securities portfolio in Q2 2026, lowering the carrying value from VND789bn at end-Q1 2026 to VND301bn at end-Q2 2026. The portfolio primarily comprised KBC (66% of the original portfolio value) and HPG (34%) at end-Q2 2026. During the quarter, DGW recognized a VND15bn loss on the disposal of trading securities. We note that DGW initiated these equity investments in Q4 2025 and had already recognized cumulative net provision expenses of VND86bn in Q4 2025 and Q1 2026.
2. Segmental performance in Q2 2026:
- Laptop & tablet revenue (35% of Q2 revenue) rose 37% YoY, supported by a ~20% YoY increase in ASPs (amid rising RAM prices) and strong laptop sales volume (due to customers front-loading purchases ahead of expected further increases in RAM and memory chip prices). According to GfK, Vietnam's overall laptop market recorded 29% YoY value growth and 15% YoY volume growth during the quarter.
- Mobile phone sales (28% of Q2 revenue) increased 5% YoY, driven by a strong rebound in June, when sales grew 113% YoY on robust demand for new Xiaomi models, following softer performance in April and May.
- Office equipment revenue (28% of Q2 revenue) grew 47% YoY, primarily driven by strong server sales, supported by ongoing corporate digital transformation initiatives.
- Home appliance revenue (7% of Q2 revenue) increased 38% YoY, underpinned by strong TV sales during the 2026 World Cup, as well as higher demand for air conditioners and electric fans during the summer season.
- Consumer goods revenue (3% of Q2 revenue) decreased 4% YoY as weaker demand for healthcare products outweighed robust beverage sales during the 2026 World Cup season.
3. H1 2026 results: Net revenue was VND15,774bn (+40% YoY) and NPAT-MI was VND510bn (+130% YoY), completing 49% and 79% of our respective 2026F forecasts. We see potential upside to our 2026F forecasts, pending a more comprehensive review.
DGW’s Q2 & H1 2026 results
VND bn | Q2 2026 | YoY | H1 2026 | YoY | H1 2026/ |
Net revenue | 7,273 | 27% | 15,774 | 40% | 49% |
| 2,511 | 37% | 5,314 | 65% | 51% |
| 2,054 | 5% | 4,332 | 3% | 45% |
| 2,014 | 47% | 4,461 | 69% | 55% |
| 476 | 38% | 1,198 | 60% | 43% |
| 218 | -4% | 468 | 5% | 47% |
Gross profit | 943 | 94% | 1,747 | 80% | 57% |
SG&A expenses | -595 | 38% | -1,142 | 58% | 52% |
EBIT | 348 | 535% | 604 | 148% | 70% |
Financial income | 85 | 31% | 158 | 37% | 51% |
Financial expenses | -51 | N.M. | -134 | 59% | 40% |
NPAT-MI | 309 | 167% | 510 | 130% | 79% |
Gross margin | 13.0% | 4.5 ppts | 11.1% | 2.5 ppts |
|
SG&A expenses/net revenue | 8.2% | 0.6 ppts | 7.2% | 0.8 ppts |
|
EBIT margin | 4.8% | 3.8 ppts | 3.8% | 1.7 ppts |
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NPAT-MI margin | 4.3% | 2.2 ppts | 3.2% | 1.3 ppts |
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Source: DGW, Vietcap
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