MWG [BUY +53.8%] - Management confident on grocery; strong 2M 2018 prelim results - AGM Note

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We attended MWG’s AGM on March 16, 2018. Management was confident on the success of BachhoaXANH (BHX, grocery), which was the primary topic among shareholders in the AGM. Management expects a total of 500 BHX stores by end-H1 2018 compared to 283 stores as of YE2017, and 1,000 by YE2018 vs. our more upbeat projection of 1,300. Prelim 2M 2018 NPAT surged 46% YoY mainly thanks to full contribution from stores opened in 2017, especially in the consumer electronics (CE) segment, and online sale
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