We attended MWG’s AGM on March 22, 2019, which welcomed more than 500 shareholders. The Q&A session, which was hosted by MWG’s division heads along with the Chairman, mainly focused on the minimart chain (BHX). Management set upbeat 2019 targets, including revenue of VND108.5tn (USD4.7bn, +25% YoY) and NPAT of VND3.6tn (USD153mn, +24% YoY). We believe MWG can surpass its NPAT guidance as we currently project 2019 NPAT to jump 29% vs 2018.