PSI initiate coverage with a BUY rating, 12-mo based case target price of 76,350 VND/share for MWG on a 5-year forecasted period (FY24-28F) based on the following factors: (1) BHX expects double-digit sales growth with FY24-28F CAGR of 9.16%, in which, BHX’s FY24F SSSG of 5.39%, (2) MWG’s better than expected costs and margins, (3) Shift in consumer shopping behavior & preferences and market share concentration, (4) CAGR 7.7% for retail market.