MWG - Strong momentum reinforces our conviction - Earnings Flash
  • 2019-07-26T19:48:22
  • Company Research
MWG announced prelim H1 2019 results. Revenue jumped 16% while NPAT surged 38% YoY. Upbeat H1 2019 earnings were primarily driven by the consumer electronics chain (DMX) whose revenue soared 22% YoY. In addition, blended net margin widened by 60 bps to 4.1% in H1 2019, which we attribute to MWG’s widening scale and operating leverage. NPAT growth strengthened to 48% YoY in Q2 2019 vs 29% YoY in Q1 2019 as TGDD (mobile phone chain) and DMX displayed improvement in YoY revenue growth.