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On May 8, MWG Investment Joint Stock Company (MWG) held an investor meeting, updating key information on the performance of its core retail chains. Vietcap said the company is on track to achieve its 2026 net profit target of VND 9,200 billion, representing growth of 30% year-on-year (YoY). The brokerage expects MWG to exceed its profit plan.
Under MWG’s base-case scenario for 2026, the macro outlook remains on track, with GDP growth of 7.5% and inflation of 4.5%. Company leadership said the impact of inflation on consumer sentiment from the start of the year to date is “acceptable.”
MWG leadership indicated that dividends and share repurchases are expected to increase in the coming years alongside higher profit growth. For 2026, the dividend of VND 2,000 per share is expected to be paid in two installments in the second half of 2026.
For Dien May Xanh (DMX), leadership said the chain has planned and placed orders for full-year 2026 revenue, reducing concerns about stockouts. The upgrade of ICT equipment enabled by the new AI wave has just begun and is expected to continue.
Quarterly revenue is not expected to decline versus the prior quarter, as DMX did not see consumers pre-buying due to price concerns. Q2 is expected to benefit from hot weather and the World Cup, supporting demand for air conditioners and TVs.
Leadership said An Khang is expected to be profitable in 2026 as losses have narrowed to a minimum in Q1 2026. The pharmacy chain prioritizes operating efficiency over expansion.
AvaKids is focusing on leveraging MWG’s online platform to boost online sales. Additional store openings are mainly intended to increase brand recognition among consumers.
Bach Hoa Xanh (BHX) reported strong demand in the North. BHX opened 280 new stores in Q1 and is on track to reach 1,000 stores in 2026. Leadership said these new stores recorded positive operating profits at store level.
MWG also cited that store-level operating profit growth from new-store openings in 2024/2025 increased by 30%, with significant YoY growth. For 2026, management expects 50% of new stores to be opened in the South, with the remaining 50% in the North and Central regions.
Management noted that BHX saw strong purchasing in the North, especially compared with the Central region. BHX has just opened its first store in Hanoi. Leadership said Northern stores are smaller than those in the South and Central.
MWG expects Q1 2026 net margin to improve to 2.9% from 2.4% in Q4 2025, supported by broad cost controls, including holiday-related losses, electricity/water, operations, and logistics, as well as operating leverage amid nearly 20% revenue growth.
Management said the 2026 net margin is expected to remain high. In the medium term, the company’s focus is on absolute profit growth, with an aim to conduct an IPO in 2028.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
