{"id":14438,"date":"2018-12-07T16:24:11","date_gmt":"2018-12-07T09:24:11","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&#038;p=14438"},"modified":"2018-12-10T08:47:43","modified_gmt":"2018-12-10T01:47:43","slug":"dgw-surfing-the-xiaomi-wave","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/dgw-surfing-the-xiaomi-wave","title":{"rendered":"DGW \u2013 Surfing the Xiaomi wave"},"content":{"rendered":"<p>Current price: VND 24,200<\/p>\n<p><strong>Rating:\u00a0BUY<\/strong><\/p>\n<p><strong>Target price:<\/strong>\u00a0<strong>VND30,000<\/strong><\/p>\n<p><strong>Upside:\u00a024%<\/strong><\/p>\n<p><strong>Key event catalysts:<\/strong><\/p>\n<ul>\n<li>Strong growth momentum and increasing penetration of Xiaomi smartphones in Vietnam.<\/li>\n<li>The renewed relationship with Nokia should both increase and diversify revenues starting in 2019E.<\/li>\n<li>Fast growth and high margins of office equipment and (in the longer term) IoT devices.<\/li>\n<\/ul>\n<p><strong>Strong growth momentum of Xiaomi smartphones, <\/strong>which offer high performance at an affordable price, should be the key growth driver for DGW in upcoming years. Looking further out, Xiaomi IOT products such as home appliances could become a substantial growth driver.<\/p>\n<p><strong>Nokia\u2019s comeback could enhance sales further. <\/strong>The c. VND 1 tn contract with Nokia represents both a new source of income and product\/customer diversification for DGW starting in 2019E. Feature phones are not a growth story, but they remain popular in Vietnam. In our view, the inevitable replacement cycle with smartphones is likely to be drawn out over the medium term.<\/p>\n<p><strong>Office equipment to maintain high growth and margin. <\/strong>We see substantial potential for DGW in office equipment given the market\u2019s huge size and high level of fragmentation. We forecast 16% segment sales CAGR in 2018E-20E. This should enhance the company\u2019s profit margin significantly. Smart connected devices could be another driver of this segment and consumer goods too as Xiaomi rolls out its IoT ecosystem, but this is a long-term and uncertain story.<\/p>\n<p><strong>Please access the link for our complete report:\u00a0<a href=\"http:\/\/yuanta-uat.ysvn.com.vn\/wp-content\/uploads\/2018\/12\/DGW_Initiation-report_Final-1.pdf\">DGW_Initiation report_Final<\/a><\/strong><\/p>\n<p><em>Consumer Analyst: Quang Vo,\u00a0<a href=\"mailto:quang.vo@yuanta.com.vn\">quang.vo@yuanta.com.vn<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Current price: VND 24,200 Rating:\u00a0BUY Target price:\u00a0VND30,000 Upside:\u00a024% Key event catalysts: Strong growth momentum and increasing penetration of Xiaomi smartphones in Vietnam. The renewed relationship with Nokia should both increase and diversify revenues starting in 2019E. Fast growth and high margins of office equipment and (in the longer term) IoT devices. Strong growth momentum of&#8230;<\/p>\n","protected":false},"author":7,"featured_media":7976,"template":"","class_list":["post-14438","phan-tich","type-phan-tich","status-publish","has-post-thumbnail","hentry","analysis-category-initiation-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.3 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DGW \u2013 Surfing the Xiaomi wave | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"Current price: VND 24,200 Rating:\u00a0BUY Target price:\u00a0VND30,000 Upside:\u00a024% Key event catalysts: Strong growth momentum and increasing penetration of Xiaomi\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DGW \u2013 Surfing the Xiaomi wave\" 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