(EN) GTHTSVN RS_DMX Equity Report _Value beyond products_TP88300_Jul 10, 2026

BUSINESS UPDATES

According to DMX’s business results, the company recorded cumulative revenue of VND 65,279 billion in the first six months of 2026, up 31% YoY and achieving 53% of its full-year target. The Dien May Xanh (DMX) chain remained the main revenue driver, contributing nearly 67% of total revenue, followed by The Gioi Di Dong (TGDD) with a 29% contribution.

Revenue from the online channel accounted for 11% of total revenue, equivalent to VND 7,181 billion. The number of Super App members reached 18.9 million.

Average monthly revenue per DMX store improved significantly, primarily driven by the company’s “quality-focused” strategy, which involved closing underperforming stores while concentrating resources on improving the quality and operational efficiency of the better-performing stores.

RECOMMENDATION

We maintain a positive view on DMX’s business outlook for 2026, supported by the recovery in consumer demand, the formalization of Vietnam’s retail market, the ongoing modernization of consumer purchasing behavior, and the replacement cycle for technology products. In addition, the company’s restructuring initiatives over the past few years have significantly improved operating efficiency and profitability.

However, we remain cautious about DMX’s long-term outlook as Vietnam’s consumer electronics retail industry is entering a more mature stage, with recent earnings growth driven primarily by operational optimization rather than revenue expansion. DMX is pursuing a strategy of creating value beyond product sales, similar to successful international retail models. Nevertheless, the suitability and scalability of this strategy in the Vietnamese market will require further time to be validated.

DMX is currently undergoing its IPO process and is expected to be listed on the HOSE in Q3/2026. According to the plan, the company will offer 179.5 million shares at an IPO price of VND 80,000 per share, raising VND 14,360 billion. The IPO will provide DMX with additional capital to optimize its financial leverage and strengthen its core competitive advantages. Nevertheless, whether investors will reassess the valuation of a company operating in an increasingly mature industry will depend on DMX’s ability to demonstrate sustainable long-term growth drivers in the coming years.

We recommend “NEUTRAL” DMX, with a target price of 88,300 VND/share, implying a 10.48% upside from the IPO price.