We reiterate our BUY recommendation on MWG and increase our target price by 29% to VND206,000. We raise our FY16F NPAT and FY17F by 12.5% and 26.3%, respectively, thanks to faster-than-expected store expansion as well as the roll-out of mini-DienmayXANH, the new consumer electronics store format starting from H2 2016.