As of October 29, Bách Hóa Xanh had 4,278 stores, up more than 1,700 since early 2026 and above MWG's plan to add 1,500. MWG's stake in its three chains, including Bách Hóa Xanh, AVA Kids and An Khang, is about VND 29,500 billion, implying a mechanical sum-of-the-parts valuation of under VND 31,000 billion (about USD 1.2 billion) for Bách Hóa Xanh, though the article says the actual value may differ due to conglomerate discounts. That is below the VND 35,500 billion (about USD 1.4 billion) valuation offered to CDH Investments in early 2024, when the chain had not yet broken even at company level. The chain targets revenue of about VND 55,500 billion and profit of VND 1,800 billion for 2026, and management expects to erase accumulated losses of about VND 7,000 billion within 2-3 years before an IPO.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nắm trong tay gần 4.300 cửa hàng khắp cả nước, định giá Bách Hóa Xanh chưa đến 31.000 tỷ?
Keywords
MWGBach Hoa XanhIPOvaluationretail
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Related tickers and likely impact
MWG
▲ Likely positiveMobile World
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Broadline Retailers |
| Market cap | 112,153 bn VND |
| P/E | 11.4 |
| P/B | 2.45 |
| Close on 10/29/2026 | 75.80 |
| Change that session | -0.26% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
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Mobile World Investment JSC (MWG) has provided an unconditional, irrevocable guarantee for Bach Hoa Xanh Trading JSC to borrow up to VND 2,000 billion, valid until 31 Dec 2027. As of 30 June, MWG indirectly owned 94.94% of Bach Hoa Xanh, a food trading business that runs the Bach Hoa Xanh chain, and at that time the company had accumulated losses of over VND 4,970 billion. By the end of September, Bach Hoa Xanh had 3,904 stores, 292 more than at the end of August, making it the largest chain in the MWG ecosystem. In the first half, MWG posted revenue of over VND 95,213 billion (up 29%) and after-tax profit of VND 6,112 billion (up 91%), completing 66% of its annual plan.
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MWG's after-tax profit in the third quarter exceeded VND 3,521 billion, up 97% year on year and above the record VND 3,355 billion in the second quarter. Nine-month profit reached VND 9,634 billion, up 93% and nearly 5% above the VND 9,200 billion full-year target. Third-quarter net revenue rose 32% to VND 52,614 billion, while cost of goods sold grew only 27%, lifting the gross margin from 18.8% to 21.7%. Selling expenses rose more than 50% to VND 6,887 billion, while financial income reached VND 1,162 billion, helped by large deposits and investments. However, nine-month net operating cash flow was about VND 3,044 billion, down by more than half, while inventory rose nearly 29% to over VND 35,000 billion.
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MWG reported Q3 2026 net revenue of over 52,600 billion VND, up 32%, and after-tax profit of over 3,500 billion VND, nearly double the year-earlier level and a quarterly record for the company. For the first nine months, net revenue reached 147,827 billion VND (up 30%) and after-tax profit 9,634 billion VND (up 93%), completing 80% of the full-year revenue plan of 185,000 billion VND and exceeding the 9,200 billion VND profit target by 5%. The DMX group generated nearly 99,200 billion VND in nine-month revenue, up 29%, with same-store sales growth (SSSG) of 30%, and buy-now-pay-later accounted for 38% of group revenue. Bach Hoa Xanh reached 45,900 billion VND, up nearly 34%, and the An Khang pharmacy chain's revenue rose 22%. MWG expects full-year revenue growth of 30% versus the prior year, supported by new Apple products and the year-end shopping season.
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