MWG has released robust prelim FY14 results with no surprises. Revenues reached VND15,757bn (+66% YoY), achieving 98.5% VCSC’s forecast. PAT reached VND674bn (+161% YoY), equivalent to 101% of VCSC’s FY14E PAT forecast of VND666bn. Result implies actual net margins in FY14 exceeded our forecast. At VND124,000, MWG is trading at PER of 15.5x VCSC’s FY15E EPS of VND8,019 (+33.6% vs. VCSC’s FY14E target).