FINANCIAL

ANALYSIS

MWG MOBILE
WORLD
INVESTMENT
CORPORATION
2018 - 2020
Table of
Contents

01 Introduction

02 Balance Sheet analysis

03 Income statement analysis

04 Ratio analysis

05 Conclusion & Recommendations

Financial analysis

MWG - Group 10
01 Introduction
Mobile World Investment Corporation (MWG) is considered one of the top, if not
being said number one, retailers in Vietnam. It started its journey as a Limited
Liability Company in 03/2004 and officially switched to Joint Stock Company in
2007. “MWG operates a variety of concepts, namely “Thegioididong” mobile
phone retail chain - possessing approximately 55% of the market share,
“Dienmayxanh” consumer electronic chains - owning around 50% of the market
share, and “Bach Hoa Xanh” grocery retail chain - accounting for more than 20%.
Additionally, the brand also invested in a pharmacy chain named “An Khang”, and
recently, an agricultural project named “4KFarm”.” MWG has gained paramount
achievements throughout the years that it has been operating, by way of
illustration, “MWG was proudly named in TOP 50 best big public companies in Asia
(voted by Forbes) and the sole Vietnamese representative in Top 100 Asia-Pacific
Retailers voted by Retail Asia Magazine and Euromonitor”. On top of that, MWG is
also entitled as TOP 1 of Vietnamese best performing companies and included for
4 consecutive times in the TOP 50 best places to work in Vietnam.

MWG joined the Hochiminh Stock Exchange (HOSE) in 07/2014, being labelled
also as MWG. For the time being, Mr. Nguyen Duc Tai - Co-Founder & Chairman of
MWC is holding around 63,558,394 MWG’s stocks, which amounts for 2.53% of
the total, making him the biggest shareholder. Apart from Mr. Tai, Mr. Tran Kinh
Doanh and Mr. Dieu Chinh Hai Trieu, members of the Board of Directors, are the
second and third largest stockholders, owning 0.99% and 0.8%, respectively.

With more than 4,500 stores opened across Vietnam, MWG shows no signal of
stopping in terms of development. Its strategy is quite apparent, consolidating
“Thegioididong” and “Dienmayxanh” top positions in the market, simultaneously
expanding and earning even more market share not only for the top investments,
but also for the other markets.
Financial analysis

MWG - Group 10
02 Balance Sheet analysis
Total asset
Overall, it is apparent in figure 1 that MWG has been growing quite rapidly over the
3-year period, tremendously increasing in both Current Assets and Non-current
Assets, especially during the transition from 2018 to 2019. In addition, the
proportion between the two categories has also been maintained throughout the
years and coming nearer to an 80/20 rate. However, there is a fluctuation
regarding the growth in total assets, as a large margin can be observed between
the changes of 2018-2019 and 2019-2020.

Current asset
In general, MWG’s current assets have experienced an increase in numbers,
approximately 49.8% and 6.58% between the three years. This could be the result
of the strategy that MWG has conducted, which is investing in Short-term
financial investments. A rise of more than 6000% has been recorded in 2019 for
this category and could have led to a downgrade in Cash and cash equivalents and
Other current assets, -16.92% and -16.46%, respectively. Yet, numbers have
proved that MWG’s strategy was a great success, as all of the listings above had
grown back significantly in 2020 with percentages reaching near to or even
higher than 100% and are expected to continue in the upcoming years. Apart from
that, after a rise of more than 50% during 2019, Inventories also dropped slightly
more than a quarter in the next year.

Non - Current asset

The growth that Non-Current Assets experienced was much less fluctuated, as it
grew up to 40.96% and 30.13% in 2019 and 2020, respectively. Though there is
nothing much to say about account receivables-long term, which increased quite
steadily, it is not the case for most of the other categories. The strategy for Non-
Current Assets of MWG is rather apparent through its figures. Fixed Assets is
Financial analysis

heavily invested, recorded a positive difference of 62.12% in 2019, compared to

2018, accounted for 80% of Non-Current Assets in the same year and more than
83% the next year. On the contrary, Long-term financial investments gradually

MWG - Group 10
02 Balance Sheet analysis
became a smaller part of Non-Current Assets. It started the 3-year period by
accounting for 1.26% in 2018 and ended the period at 0.61%. The same pattern
happened for Long-term work in progress and Other long-term assets, dropping
down to 1.52% and 0.61%, although they both increased in 2020, 51.69% and
2.56%, respectively.

Total liabilities
Generally, as illustrated in figure 2, the liabilities of MWG had been growing in the
3-year period, though not being very constant, as it topped a 54.47% rise in 2019
but only 3.33% in 2020. It is also easy to observe that the domination of Current
Liabilities was getting more paramount through time and it also resulted in a
minor proportion of Non-Current Liabilities.

Current liabilities
In 2018, Account payable to suppliers and Short-term borrowing started as the
two categories that accounted for the most part of Current Liabilities, more than
¾. This remained the same until the end of the period, they even increased and
comprised more than 80% of the total. However, the two categories were
inversely related during the process, as Short-term borrowings went from 32.55%
to 53.11% and Account payable to suppliers went from 45.98% to 29.66%. This
situation could be a consequence of the reconstruction in investment plans,
particularly, in Short-term financial investments that was given above in the
Current Assets section, MWG needed the money to finance their plan, thus
leading to the huge increase, 123.27% in 2019 of Short-term borrowing. Apart
from that, it is worthy to note that Advances from customers and Payable to
employees dramatically increased in 2019 and 2020. This could also be a result of
the company’s investments and may be influenced by external factors, such as
the Covid-19 pandemic, which may have caused procrastinations in relieving
Financial analysis

debts.

MWG - Group 10
02 Balance Sheet analysis
Non-Current Liabilities
The instance of Non-Current Liabilities is much more simple, since it has only 2
categories at the beginning in 2018 and ended 2020 with only one. Since 2019,
Deferred tax liabilities are no longer MWG’s concern and Long-term borrowings
became the sole category for Non-Current Liabilities. This could be reasonable,
as mentioned above, MWG was shifting to a more short-term approach, thus they
narrowed down the Non-Current Liabilities so that it can be more easily
controlled. The figures also made it clearer as Total Non-Current Liabilities went
from 6.32% to 3.69% in 3 years, regarding the proportion it made in Total
Liabilities.

Total equity
First and foremost, the most noticeable point from the Total Equity board (figure
3) is the rapid rise of Total Stockholder’s Equity, which accumulated an increase
over 3 years up to nearly 6.5 billion VND and ended 2020 at more than 15.4 billion
VND. It is attributed to many reasons, however, the biggest factor could be
because of the Undisputed profit after tax, which had accounted for the largest
amount of the Total Stockholder’s Equity in 2020, at 67.11%. This could explain
why there was so much Payables in the Liabilities board above, as the category
increased 79.21% in 2019 and 45.32% in 2020, the periods that Payables were also
augmented. Another noticeable figure is the decrease in Share Capital. Although
the category’s value is still around 4.4-4.5 billion VND, the proportion it accounted
for reduced from 49.37% to 29.27% in 3 years. As mentioned above, MWG in these
years were focused on funding for short-term investments, thus, selling out
stocks could be one of the ways to get financial resources.
Financial analysis

MWG - Group 10
02 Balance Sheet analysis
Comparison with competitor
As for MWG’s direct competitor, our group has selected Digiworld (DGW). The rival
company experienced a great development in all three sections listed in Figure 1,
which are Total Assets, Liabilities, and Stock Equity. The change between 2019
and 2020 had illustrated DGW's development, as all three sections topped the
25% mark or more, and gained a 392,106,813,945 VND positive increase for its
Total Stock Equity in 3 years. Nevertheless, MWG’s growth was even more
fascinating. Compared to DGW, MGW proved its domination in the market as their
figures, shown in figure 2 and the charts above, were even more paramount and
made DGW’s improvement pale in significance. All in all, MWG’s numbers are
concrete proof of why MWG is the top retailer in the market right now.

Financial analysis

MWG - Group 10
03 Income statement

The Income Statement for MWG respectively in the 3 years 2018, 2019, 2020
provides the information of MWG’s business result with useful information for the
domestic and foreign investors as well as the readers.

Revenue
In 2018, the total sales and services revenue was recorded 87,738 billion VND, this
could be considered as MWG success as 2018 is the period of technology
appliances in general and smartphones, laptops specifically. In the next year,
MWG made a great effort to keep its performance by accomplishing 103,485
billion VND of revenue, which is a nearly 18% increase in the same period
compared to the year before. Nevertheless, the following year could be
considered a disaster to the Vietnamese economy generally and MWG particularly
with the appearance of the Covid-19 pandemic. The revenue for the year 2020
only marked 109,801 billion VND, which is only a 6.1% increase compared to 2019.
Alongside, the net revenue had noted an increase of 18.1% from 2018 to 2019, but
from 2019 to 2020, it fell off to 6.24%, which is a large deduction although the
goods returns in 2020 are not as high as in 2019.

The revenue of MWG mostly comes from its two chains of retailing technology
Financial analysis

appliances which are DMX and TGDD in 2018 and 2019. But in 2020, apparently,
there was a shoot up in BHX revenue by chain from 10.5% in 2019 to 19.3% and
account for the loss part of TGDD while DMX still took the lead.

MWG - Group 10
03 Income statement
Cost of goods sold
Cost of goods sold (COGS) is the term used for the direct costs relating to
producing or importing the goods. As announced in the income statement, there
is a slight decrease in the cost of goods sold year after year. From 2018 to 2020,
MWG’s COGS reduced from about 81.2% to 77%.

On the other hand, DGW showed only a little fluctuation in their COGS as it
constantly marked at between 93% and 94%. Compared to its competitors,
Digiworld corporation has a very high COGS and nearly recorded any deduction in
the same period. This could be a minus point to DGW as the COGS is nearly as high
as the revenue, it can reduce the profit that DGW can make. It also makes the
investors consider the probability if they are about to invest in DGW.
As a whole, DGW cost price is much higher than MWG, therefore, its profit,
Financial analysis

apparently, is not as high as MWG.

MWG - Group 10
03 Income statement
EXPENSE
A quick look at the expense in the income statement, there was not much
fluctuation from 2018 to 2019, but from 2019 to 2020, there is a sudden raise from
14.6% to 17.65% and most of it came from the business management expense as
MWG tended to open more stores in 2020. Its total stores increased from 3039
stores in 2019 to 4059 stores in 2020, which is about 30% of added stores.
Besides, the non-operating profit expense also increased due to the appearance
of Covid-19, MWG focused more on making profit from doing financial activities.

On the other hand, the total expense of DGW witnessed a constant figure as its
expense dropped from 4.46% in 2018 to only 4.44% in 2020, which shows a
staticity. This could be interpreted by the expense for financial expenses and
administrative expenses remaining nearly unchanged while selling expenses only
increased a little bit in 2019.
In general, it is apparent that MWG’s total expenses account for the larger part of
Financial analysis

DGW’s total expenses. However, MWG still takes the lead in making profit in
comparison to DGW by maintaining the cost of goods sold well. DGW needs to
make more effort on downsizing its cost of goods sold.

MWG - Group 10
03 Income statement
EPS

EPS (earning per shares) labels the profit that the company earns on each share.
Take a glance at MWG EPS, from 2018 to 2019, MWG experienced a satisfactory
increase from 6689 to 8665 in a year, which is 22.8% higher YoY. But a year later,
MWG’s EPS showed a disappointing result as it nearly remained unchanged, this
could be explained by the poor business performance in the time of the
pandemic.
In contrast, DGW shows the entirely opposite aspect as its EPS increased
remarkably from 2735 in 2018 to 6259 in 2020, which is 128.85% higher, a
wonderful result for DGW by its performance. Moreover, DGW’s EPS showed a
ceaseless rate growth year by year and an insane growth from 2019 to 2020.
In general, MWG EPS is still higher than DGW in the period of 3 years since MWG’s
scale is larger compared to DGW. However, MWG needs to work on its
Financial analysis

performance to increase their EPS to bring more profit to the company as well as
the investors in the future.

MWG - Group 10
04 Ratios analysis
4.1. Liquidity ratios
Liquidity ratio is known as measuring the company's ability to pay debt
obligations and its margin of safety through the calculation of metrics including
the current ratio, quick ratio and operating cash flow ratio.

Figure 6

4.1.1. Current ratio

According to the figure 6, the current ratio of MWG in the given periods slightly
fluctuated from 1.3 in 2018 to 1.27 in 2020. So a current ratio of around 1 would
mean that the MWG company had approximately time as current assets as current
liabilities.

The current ratio illustrates how well the company manages its short-term assets
including cashes, inventories and receivables to pay off short-term liabilities. For
all 3 years between 2018 to 2020, the current ratio of MWG was always more than
Financial analysis

1, which meant that the net working capital (current liabilities less current assets)
was positive. This data also shows that MWG was able to cover their short term
debt and had a low risk of bankruptcy.

MWG - Group 10
04 Ratios analysis
4.1.2. Quick ratio
As can be witnessed from the figure, 2018 the quick ratio of MWG was 0.33. After
that, the figure dropped slightly to 0.31 at the middle of the period and
experienced a slight increase to 0.61 in 2020.

It can be seen that the company’s quick ratio was significantly lower than its
current ratio, implying that inventory is a key factor contributing to current
assets. Furthermore, the quick ratio of MWG over three years was less than 1, to
be more explicit, these values were negative based on the theory. Obviously, it
merely shows that the company may not attain a favorable financial situation, but
it does not imply that the company would go bankrupt because there are other
ways to raise funds for debt repayment.

4.1.3. Cash ratio

MWG experienced the fluctuated trend of cash ratio from 2018 to 2020. The cash
ratio of MWG started at 0.21 times in 2018. Afterwards, this ratio dropped slightly
to 0.11 in 2019 and raised to 0.25 at the end of the period.

The cash ratio is referred to as with cash and cash equivalents, whether the
enterprise makes sure timely payment of short-term debts or not. Therefore, it
can be seen easily that the cash ratio of MWG of all 3 years was less than 1 (even
0.5), which indicates that the enterprise would have difficulties in debt
repayment. This might not be bad since the company had conditions of high value
fixed assets or other low liquidity assets. In fact, keeping cash and cash
equivalents high is unsustainable for firms since it entails ignoring opportunities
Financial analysis

to invest in higher-return projects.

MWG - Group 10
04 Ratios analysis
4.1.4. Compare with DGW

Figure 6 Figure 7

Compared with MWG’s rivalry, DGW, on the whole, current ratios from DGW
throughout 3 years were all higher than MWG ones. However, both companies had
good current ratios since a good current ratio is anything greater than 1. Having
this ratio lower than DGW implies that the ability to pay for current short-term
liabilities of MWG was slightly worse. However, the current ratio itself is not the
only representative of a company's liquidity.

Overall, in terms of quick ratios, both companies experienced negative values

since they were all less than one in 2018 and 2019. However, in 2018, DGW
witnessed a dramatic increase to 1.07 which means that at the end of the period,
DGW company had fewer liquid assets than liabilities.

As can be seen from the figure 6 and 7, the cash ratio of MWG from 2018 to 2020
was nearly similar with that of the competitor, but there was a bit more variable in
the figure of DGW.
Financial analysis

MWG - Group 10
04 Ratios analysis
4.2. Efficiency ratio
An efficiency ratio is known as measuring a company’s ability to use its assets to
generate income. Asset turnover, inventory turnover and receivables turnover
will be shown in this report.

Figure 8

4.2.1. Asset turnover

According to figure 8, Mobile World Investment Corporation witnessed a gradual
downward trend in total asset turnover ratio (from 3.08 times to 2.36 times)
between 2018 and 2020.

Total asset turnover indicates the efficiency with which a company uses its
assets to produce sales. For all 3 years, this ratio is always greater than 1, which
means that MWG used its assets efficiently and was successful in increasing the
Financial analysis

company’s profitability.

MWG - Group 10
04 Ratios analysis
4.2.2. Inventory turnover
As can be seen from figure 8, 2018 the inventory turnover of MWG was 4.08. After
that, the figure decreased slightly to 3.16 times in 2019 and reached the peak to
4.36 times in 2020.

Inventory turnover demonstrates how successfully a company manages its

inventories; the greater this ratio, the more efficiently corporations handle their
inventories. As a result, 2020 was the year in which MWG managed inventories
the most efficiently despite the negative impact of Covid-19 pandemic.

4.2.3. Receivables turnover

Based on figure 8, MWG's receivable turnover ratio climbed dramatically from
56.09 times in 2018 to 56.29 times in 2019, and then skyrocketed to 68.04 times in
2020.

Receivables turnover demonstrates the company's capacity to handle liabilities

receivable and recover cash on those liabilities. A high receivables turnover ratio
implies that a company's accounts receivable collection is efficient and that the
company has a high number of excellent customers who pay their obligations on
time. As a result, the significant increase in receivables turnover over the last
three years has consistently demonstrated that MWG has performed well in debt
collection.
Financial analysis

MWG - Group 10
04 Ratios analysis
4.2.4. Compare with DGW

Figure 8 Figure 9

Compared with MWG’s competitor, DGW, overall, asset turnover of MWG was
lower than that of DGW in 2019 and 2020 (approximately 44% to 73%). In fact, the
higher the asset turnover rate, the more successfully the company can obtain
income from the assets, which means that in this case, DGW was more efficient
than MWG in selling its assets.

While MWG experienced a downward trend in inventory turnover in all 3 years, the
inventory turnover of DGW witnessed a significant upward trend (increased from
4.24 in 2018 to 5.46 in 2019 and reached the peak at 14.19 at the end of period).
According to data, it illustrates that DGW managed inventories much more
effectively than MWG did.

However, between 2018 and 2020, MGW outperformed DGW in terms of

receivables turnover, especially at the end of the period, the ratio of MWG was
much greater than that of DGW (around 514%). This meant that MWG performed
Financial analysis

better in collecting debt.

MWG - Group 10
04 Ratios analysis
4.3. Long term solvency

Figure 10

4.3.1. Total debt ratio

Calculated by dividing total liabilities to total assets, it is used to show how well
the company pays off its debt. With MWG, the company’s total debt ratio was
0.681, 0.709, 0.664 in 2018, 2019 and 2020, respectively. The ratios slightly change
but overall was remains stable. It shows that MWG is doing really well in terms of
controlling its liabilities and assets. Its ratio also does not surpass 1 after 3 years
which means that the company doesn't have the risks of paying its debt by assets.

4.3.2. Times interest earned ratio

Following by the formula of EBIT divided to interest expense. This type of ratio is
used to predict how well the company can deal with its interest payment, the
larger numbers show the better ability a company has to cover its interest by its
earnings before tax. Overall, MWG not having a large number for time interest
Financial analysis

earned ratio, but the company capable of keep the ratio remain stable (8.866,
8.735, 8.780 in 3 years), which can be concluded that MWG still having control in
paying it interest, and take information from total debt ratio it clearly to see that
MWG having no trouble in take over debt.

MWG - Group 10
04 Ratios analysis
4.3.3. Cash coverage ratio
Also measuring how well the company pays its interest but slightly different from
the TIE ratio is that now we calculate the amount of available cash will be used to
pay. Cash coverage ratio formula is using EBIT plus depreciation expense and
divides the sum to interest expense. MWG has quite equal numbers for 2018 and
2019 (11.525 and 11.159) but we see an increase of about 1.211 (from 11.159 to 12.370)
in 2020. The company already doing well with paying interest in cash and
according MWG’s financial report, in 2020 the company having a lot more
investment cash than the previous year leading to the increase in cash coverage
ratio.

4.3.4. Compare with DGW

Figure 10 Figure 11

It is clear to see that DWG is also doing well in terms of keeping their ratio stable
in 2018 to 2019 but they do better than MWG in 2020 with increasing almost 60%
for time interest earned ratio and cash coverage ratio. DWG is similar to MWG in
terms of keeping their debt to asset ratio stable and under 1 for all 3 years. With
TIE ratio and cash coverage ratio DWG has a leap in 2020 but its number still
Financial analysis

remains lower than MWG (except 2020’s time interest earned ratio). Overall, DWG
is not having a better ratio than MWG but they are still doing well with keeping
ratios of paying debt stable every year and have potential of having outstanding
profit.

MWG - Group 10
04 Ratios analysis
4.4. Profitability

Figure 12

4.4.1. Net profit margin

Net profit margin or simple net margin, determines the amount of net income or
profit earned as a proportion of revenue, calculated by the formula of net income
over net sales. Net profit ratio is the most important indicator for a company's
financial health. According to the chart, MWG has a low net margin but its ratio is
simply equal after years. Despite having a low ratio MWG still makes large profits
every year (over 23 thousands billion VND in 2020).

4.4.2. ROA and ROE

Return on equity (ROE) and return on assets (ROA) are two of the most essential
metrics for assessing how well a company's management team manages the
capital entrusted to it. Despite the two different ratios, their formulas are quite
Financial analysis

similar. While ROE is calculated by dividing net income to shareholder’s equity,

ROA formula is net income over total assets.

MWG - Group 10
04 Ratios analysis
It is clear to confirm that MWG is borrowing capital funds to expand business by
seeing that MWG’s ROE ratio is significantly larger than its ROA. The company’s
ROE is slightly down but MWG is still doing a really good job because ROE at about
20% is a good sign, in this case, the company’s ratio has decreased but it still
remains at 28.4%.
The ROA of MWG has decreased by about 2% in 2020.

4.4.3. Compare with DGW

Figure 12 Figure 13

MWG is quite similar to DGW, having an outstanding ROE ratio. DWG also does
better, when they manage to increase ROE ratios by almost 2 times from 2018 to
2020. Almost identical with ROE growth rate, DWG is also doing well with pushing
their ROA ratios as well as net profit margin. To conclude, despite the ratio gap
with MWG, DGW still manages to control and slowly improve their numbers every
year, having a potential to develop stronger in the future.
Financial analysis

MWG - Group 10
04 Ratios analysis
4.5. Market value ratio
4.5.1. Price-to-earnings ratio

Figure 14
P/E ratio evaluates the relationship between the price of the stock and the EPS.
The evaluation also means the price that the investors are willing to dedicate to
get the profit earned on a share. According to figure 14, from 2018 to 2019, the P/E
ratio of MWG witnessed an increase from 10.04 to 13.16, this means that the
investors were believing in the growth potential of MWG’s stock price. However,
in the following year, this ratio seems to decelerate and only increase for a tiny
amount from 13.16 to 13.74. This could be explained due to the EPS of the stock,
the EPS of the 2 years 2019 and 2020 witnessed more or less no change. However,
there was a slight increase from the stock price, which made the P/E ratio
become higher for a little bit.
In contrast, DGW experienced the entire increase from 2018 to 2020, from the
ratio of 18.879 to 26.694. Within these 3 years, DGW's EPS also raised at the same
pace, but the P/E ratio still increase, thus, the price per DGW shares must have
been believed to have a magnificent increase. As a matter of fact, from the price
Financial analysis

of 10,450 VND at the beginning of 2020, DGW’s shares price has reached its peak
to the price of 140,000 VND, which is about 14 times increase within 2 years. This
could be considered as the success to technology appliances retail in general and
to Digiworld Corp. specifically.

MWG - Group 10
04 Ratios analysis
4.5.2. Price-to-book ratio

Figure 15

Price-to-book ratio (P/B) is used to compare the market share price to the book
value share price of the stock. The higher the P/B ratio is, the more expectations
from the market that the company will have good results in the future and vice-
versa. It is apparent in the figure 15 that the MWG’s P/B ratio witnessed a
downtrend from 4.17 to 3.48. This means that although the company operated
well and constant, the growth rate of the company cannot adapt to the investor’s
expectations. As the P/B ratio became lower, the investors are not willing to
spend much for a share.

Contrastingly, the DGW’s P/B ratio experienced the ascension through the same
period. It increased from 4.01 to 7.2. This shows that the investors are willing to
pay a high price for a DGW’s share because the corporation may have had the
potential to grow and the investors believed in that.

In general, although the market cap of MWG is much greater than DGW, DGW
Financial analysis

shows itself as a company that the investors should invest in because it will bring
more profit to them in the future by its stable performance.

MWG - Group 10
05 Conclusion &
Recommendations
In conclusion, after researching information about the financial statements of
two companies including Mobile World Investment Corporation (MWG) and
Digiworld Corp (DGW), we can gain a better insight of both corporations and how
they can attract investors.

Generally, DGW appeared to be superior in more categories compared to MWG in

terms of liquidity ratios (both companies had favourable current ratios but DGW
outperformed), quick ratio (DGW company had fewer liquid assets than liabilities),
asset turnover ratio (DGW was more efficient than MWG in selling its assets),
inventory turnover (they managed inventories much more effectively than their
competitors), long-term solvency (they are still doing well with keeping ratios of
paying debt stable every year and have potential of having outstanding profit),
price-earnings ratio (DGW could create more benefits).

On the other hand, MWG is currently making good use of and managing its assets.
Furthermore, revenue generated from shareholders' equity was found to be
profitable during the research period. However, there are several drawbacks to
consider, including the fact that the ROE ratio indicated suggests debt misuse,
which could both benefit and put the company at risk in the long run.

Some recommendations would be that MWG could open more service and
increase customer experiences, moreover, they can open more stores on their
potential chain to increase more revenue and profit. In addition, MWG can find the
best suppliers in order to reduce the COGS to increase the PAT and make the
financial ratios better. For DGW, they can promote their prospects and keep up
their best performance in selling and supplying technology appliances. Digiworld
so far has made their company a great deal to gamble.
Financial analysis

MWG - Group 10
 APPENDIX

Figure 1

Financial analysis

MWG - Group 10
 APPENDIX

Financial analysis

Figure 2

MWG - Group 10
 APPENDIX

Figure 3

Financial analysis

MWG - Group 10
 APPENDIX
2018

2019

2020

Financial analysis

Figure 4.

MWG - Group 10
 APPENDIX

Source: Vietstock.vn

Figure 5.

Financial analysis

MWG - Group 10
 REFERENCE
1. di ĐộNg, C. T. C. P. T. G. (2021). General Introduction - Investor Relationship
website WMG. Công ty Cổ phầ n Thế Giới Di Động.
https://mwg.vn/eng/company/introduction
2. V. (n.d.). MWG: CTCP Đầ u tư Thế giới Di động - MWI CORP. - Hồ sơ doanh
nghiệp. VietstockFinance. https://finance.vietstock.vn/MWG/ho-so-doanh-
nghiep.htm
3. Vụ T. T. D. (2020, November 10). Khoảng cách tăng trưởng của Bách hóa Xanh
với thị trường: ‘Dài tận 3 con số .’ Báo Thanh Niên.
https://thanhnien.vn/khoang-cach-tang-truong-cua-bach-hoa-xanh-voi-thi-
truong-dai-tan-3-con-so-post1010658.html

Financial analysis

MWG - Group 10
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