Despite healthy performance, foreign funds divest MWGAfter a strong rally of 30 per cent in stock price over the past four months, Mobile World Group (ticker MWG) saw back-to-back divestments from numerous of foreign funds. As confirmed by the Ho Chi Minh City Stock Exchange (HSX), CDH Electric Bee Limited recently registered to divest a total of 1.23 million shares through a negotiable instrument aiming at investment banking restructuring. In particular, the consumer electronics retailer set the target revenue of VND86.39 trillion ($3.8 billion) and the target post-tax profit of VND2.6 trillion ($114.9 million), equivalent to respectively 36.5 and 18.3 per cent increases on-year.However, the specific business plan for thegioididong.com, Dien May Xanh, and Bach Hoa Xanh, has not yet been unveiled.Over the last four months, MWG’s stock showed a drastic upturn of 30 per cent in price, from VND102,000 to VND130,000 ($4.49-5.73) per share at the close on December 27.To date, MWG was reported to achieve a total revenue of VND58.9 trillion ($2.5 billion) for eleven months of 2017, posting a whopping 124 per cent growth in the revenue gained from consumer electronics retail business and 14 per cent growth in revenue from the mobile phone retail business. Besides, after-tax profit was recorded at VND1.9 trillion ($87.8 million), up 38 per cent against 2016. Consequently, for eleven months of 2017, the firm accomplished 93 per cent of its revenue and 91 per cent of its profit target.

Source: VietNamNet News December 29, 2017 13:17 UTC