미국시장 제목 미정 / 유망종목 12선 2017년 12월

MOBILE WORLD GROUP (MWG)

Price (Dec 18, VND) 132,000  Number 1 Vietnam telecoms and consumer electronics retailer
Highest target price (VND) 201,400  3Q.2017 Business results update
Lowest target price (VND) 166,800
 MWG’s financial position
Average target price 189,400
Source: Bloomberg  Expanding retail stores chains and gain from M&A deals

An ☎ (84.8) 6287 8023

 an.ntn@shinhan.com
Number 1 Vietnam telecoms and consumer electronics retailer

Mobile World Group was found in 2004 and listed on HOSE exchange in 2014 as
MWG ticker. The company works as a retailer with three main chains, namely
“Thegioididong” stores, “Dien May Xanh” stores and “Bach Hoa Xanh” stores. In the
VN stock Index (pt) 958
Market Cap.(1mn VND) 40,594,175 e-commerce retail sector, MWG is running “Vuivui.com” website which is expected to
Outstanding Shares(1mn) 308 sharply promote MWG’ sales as well as keeping up with the trend of the retail industry
Free Floating Shares(1mn) 225 in the world. MWG currently is the largest distributor of both mobile and consumer
52-week High(VND) 138,600
electronic equipments.
52-week Low(VND) 74,000
Avg. Trading Volume(1mn) 0.4
51,108 3Q.2017 Business results update
Avg. Reading T/O(1mn)
Major Shareholder (%) In 3Q.2017, turnover of MWG increased by 45.7%YoY to VND16,737bn, resulting in
Retail World Ltd 12.56
the revenue in the first-9-months of VND48.7tn (+55.7%YoY). “The Gioi Di Dong”
Tri Tam Ltd. 9.42
Absoulute Performance 3M 15.6 3- chain still largely contributed a large proportion to the total revenue of MWG (54.8%).
(%) 6M.3
34 38.7 6M 92 However, “Dien May Xanh’’ presented an impressive growth of 197%YoY in revenue.
12M6M 72.1 1M -. By doing this, these two chains are the key motivational factors of the revenue growth.
Relative performance to 3M12.8 -3.0 2326-
(%) 346M.3 12.8 6M 27.
In 3Q.2017, net profit rose by 46.0%YoY to VND565bn, leading 9M.2017 net profit to
12M 6M 30.2 -M -.6
VN Stock Index (%) 3M12.8 18.6 315378
jump by 33.6%YoY to VND1.6tn. Thanks to the development of IT system which
346M.3 25.9 62M 60. MWG invested in, the total costs of the company, especially administration & selling
12M
6M 41.9 1M 2.1 costs, will be reduced, boosting the profit.
12.8 2794
Stock price M . 1) Larger and larger market shares, 2) Growing opportunities from M&A deals
(Pt) VN Index (LHS)
8
(VND)
MWG is going to widen its business network by newly opening more stores of “Dien
1,000 170,000
Mobile World Group May Xanh” and “Bach Hoa Xanh” chains. Not stop there, the company also aims to
900 (RHS) 150,000
open stores over seas, in Cambodia or Laos are for examples. The larger the business
800 130,000 MWG has, the larger the market shares the company take, leading higher sales and
700 110,000 strong competitive advantages.
600 90,000
MWG issued both bonds and additional shares to raise the capital for M&A deals such
500 70,000 as acquiring Tran Anh Group and Phuc An Khang Pharmaceutical chain. In latest next
12/16 03/17 06/17 09/17 12/17
years, M&A deal is one of the highlight factor contributing to the company's growth.
Year to Dec. Sales OP Pre-tax NP EPS BPS PER EV/EBITDA PBR ROE
(VND bn) (VND bn) (VND bn) (VND bn) (VND,000) (VND,000) (x) (x) (x) (%)
2014 15,757 806 868 668 2.4 5.3 18.2 13.7 8.3 58.7
2015 25,253 1,322 1,386 1,072 3.7 8.5 10.7 8.7 4.6 54.2
2016 44,613 1,992 2,006 1,577 5.1 12.5 15.2 11.7 6.3 49.9
2017F 66,686 2,876 3,657 2,327 7.1 19.1 16.6 11.0 6.2 45.6
2018F 87,722 3,644 4,349 2,896 8.6 26.1 13.8 8.6 4.6 39.7
Source: Bloomberg

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미국시장 제목 미정 / 유망종목 12선 2017년 12월

Largest mobile and electronic equipment retailer

Mobile World Group was established in 2004 and listed on stock market in 2014 as MWG ticker. Its
Thanks to 42% of total core business is retail, mainly distributing mobile phones & mobile accessories and consumer
mobile retail market shares electronics. In addition, it also works as food retailer. The three primary chains of Mobile World Group
and 30% of total consumer are “The gioi Di Dong” stores, selling mobile products, “Dien May Xanh” stores, selling consumer
electronic market shares, electronics and “Bach Hoa Xanh” stores, selling food. Moreover, the company is running an e-
MWG became the largest commerce website, namely “Vuivui.com”, expected to strongly support for MWG’s business
mobile and electronic performance in the future. Thanks to 42% of total mobile retail market shares and 30% of total
equipment retailer in consumer electronic market shares (8% came from acquiring Tran Anh Group), MWG became the
Vietnam. largest mobile and electronic equipment retailer in Vietnam.

3Q.2017 business performance strongly increased

In 3Q.2017, MWG recorded a revenue and net profit of VND16,737bn (+45.7%YoY) and VND565bn
(+46.0%YoY) respectively. As a result, the company got a revenue and net profit of VND48.7tn
(+55.7%YoY) and VND1.6tn (+33.6%YoY) respectively in the first-9-months. These numbers fullfilled
“Dien May Xanh” gave a 76.9% of 2017 revenue target and 74.3% of 2017 profit target. In September, MWG openned 524
surprise since it grew new stores across the country, pushed the total number of stores to 1,779.
197%YoY while “The Gioi Di
Dong” chain moved up Going into detail, “The Gioi Di Dong” chain kept contributing a large proportion in the total revenue
slowly by 19%YoY. (54.8%). “Dien May Xanh” chain stayed at the second position with 43.4% of total revenue and “Bach
Hoa Xanh” chain ranked at the last position with a modest percentage (1.8%). However, “Dien May
Xanh” gave a surprise since it grew 197%YoY while “The Gioi Di Dong” chain moved up slowly by
19%YoY. The other surprise also come from online revenue. Taking the online revenue from the three
chains above, MWG posted a online revenue of VND3,963bn (+80%YoY), meeting 60% of 2017
target. In the future, with the development of “Vuivui.com” website, online revenue is expected to
sharply jump and being another source of earning of the company.

Yearly consolidated earnings

(1bn VND, %) 2010 2011 2012 2013 2014 2015 2016 2017F 2018F
Sales 2,817 5,388 7,375 9,499 15,757 25,253 44,613 66,686 87,722
OP 157 229 216 346 806 1,322 1,992 2,876 3,644
NP 110 159 125 256 668 1,072 1,577 2,327 2,896
Sales Growth 43.7 91.3 36.9 28.8 65.9 60.3 76.7 49.5 31.5
OP Growth 177.5 45.8 (5.4) 59.8 133.1 64.0 50.7 44.4 26.7
OPM 5.6 4.2 2.9 3.6 5.1 5.2 4.5 4.3 4.2
NPM 3.9 2.9 1.7 2.7 4.2 4.2 3.5 3.5 3.3
Source: Fiinpro Consensus, Shinhan Investment Corp.

Sales and Operating Profit Margin (2014FY – 2018E) Revenue Break Down (9M.2017FY)
(bn VND) (%)
Sales(LHS)
100 7 2%
OPM(RHS)

80 6
The Gioi Di Dong chain
60 5
43%
Dien May Xanh chain
55%
40 4
Bach Hoa Xanh chain

20 3

0 2
2010 2011 2012 2013 2014 2015 2016 2017F 2018F
Source: Bloomberg, Shinhan Investment Corp. Source: MWG

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미국시장 제목 미정 / 유망종목 12선 2017년 12월

2017 updated consolidated operating profit expected to rise 44.4%YoY to VND2,876bn

The estimated updated 2017 consolidated sales increases to VND66,686bn (+49.5%YoY). The main
growth motivation comes from “Dien May Xanh” chain. According to the strategy of MWG, the
The opening stores speed for
company will focus on expanding “Dien May Xanh’’ chain and upgrading “Bach Hoa Xanh” chain in
“Dien May Xanh” chain and
2017 and 2018. In the first-9-months, MWG opened 275 new stores for “Dien May Xanh” chain and
“Bach Hoa Xanh” chain
142 new stores for “Bach Hoa Xanh’’ chain. The opening stores speed for “Dien May Xanh” chain and
currently up 107% and
“Bach Hoa Xanh” chain currently up 107% and 1,167% compared to the end of 2016. This number is
1,167% compared to the end
forecast to be higher and higher, bringing revenue to the company. Furthermore, MWG increasingly
of 2016.
spending on advertisement to make “Dien May Xanh” brand more famous, of which, “Dien May Xanh”
advertisement video is one of the top video searched on youtube. Together with the upgrade of “Bach
Hoa Xanh” stores, these two chains expected to become the new primary source of the strong growth
of MWG in long-term.

2017 consolidated operating profit will rise to VND2,876bn (+44.4%YoY). MWG is one of the
Supporting by the companies who effectively manage its cost (giving more detail in the next part). This is confirmed by
development of IT system, the stable margin ratios (EBIT margin, Gross profit margin and Operating profit margin) between 2013
MWG expected to reduce its and 2016 and stable quartely margin ratios as well. Supporting by the development of IT system,
cost in the future, resulting in MWG expected to reduce its cost in the future, resulting in higher profit. For example, MWG developed
higher profit. the ERP (Enterprise Resource Planning) system to improve the effective of business management
which lessen the administration cost. In fact, since 4Q.2016, the admistration cost of MWG remains
stable around VND300bn (took around only 2% of total revenue). Furthermore, relying on its strong
brand, MWG has bargaining power to import products from vendors at lower-than-market price,
resulting in lower COGS and higher profit.

Mobile World Group’s online revenue (2013FY – 9M.2017FY)

(VND bn) (%)
Online revenue Percentage of total revenue
4,200 10

8
3,200

6
2,200
4

1,200
2

200 0
2013 2014 2015 2016 9M.2017
Source: MWG, Shinhan Investment Corp.

The market share break down of mobile retail industry (9M.2017FY) The market share break down of consumer electric retail sector

42% "Dien May Xanh" stores

"The gioi di dong" stores 26%
40% Nguyen Kim stores
FPT retail shops
59% Cho Lon & HC stores
10%
Others
5% Others
18%

Source: MWG, Shinhan Investment Corp. Source: MWG, Shinhan Investment Corp.

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 미국시장 제목 미정 / 유망종목 12선 2017년 12월

Mobile World Group Financial Position

Aggressive revenue growth

MWG’s business performance recovered since 2013 and significantly increased in the following years
(2015-2017) - over 60% on average. The aggressive sale growth is easy to understand since MWG
MWG is being in the growth
is being in the growth stage after the restructuring period (2012 – 2013), evidence by the negative
stage after the restructuring
CFO in the temporary periods (2015 – 2016) and high negative CFI from 2013 until now. From 2014,
period (2012 – 2013), evidence
MWG raised its charter capital by listing on stock market and the charter capital continue to be larger
by the negative CFO in the
and larger (double) due to MWG made shares dividend payment (2:1) last year. MWG still raising its’
temporary periods (2015 –
charter capital to expand its’ business, including opening more “The Gioi Di Dong” stores, “Dien May
2016) and high negative CFI
Xanh” chain, “Bach Hoa Xanh” chain together with acquiring “Tran Anh Group” (TAG) as well as
from 2013 until now.
developing the online shopping channel, namely vuivui.com and its own technology center. In the
future, the company also plan to open a pharmaceutical retail chain and do many M&A deals so the
sale growth of MWG expected to strongly go up in long-term, at least over 50% in the next three years.

According to Ministry of Industry
and Trade, in the period of 2016
and 2020, the growth rate of
retail industry is going to reach
11.9% per year.
In reality, between 2014 and 2016, the revenue growth was about 65% year-over-year. In the first-8-
months of 2017, total revenue of MWG has grown 56%YoY, of which, “Dien May Xanh” segment
surprisingly went up by 207%YoY. The establishment of “Bach Hoa Xanh” chain also pushed the total
revenue up. According to Ministry of Industry and Trade, in the period of 2016 and 2020, the growth
rate of retail industry is going to reach 11.9% per year. Besides, the data from Emarketer’s report
showed that the growth rate of Smartphone users in 2018 and 2019 will be over 50% per year. All in
all, based on the growth rate of the industry and demand together with the expanding of MWG
business, its sale growth expected to be over at least 50% in the next three years.

The number of stores of “The gioi di dong” and “Dien May Xanh” chains
(stores)

1,200 "The gioi di dong" stores "Dien may xanh" stores

800

400

0
2011 2012 2013 2014 2015 2016 9M.2017
Source: MWG, Shinhan Investment Corp.

Mobile World Group’s Charter Capital (2009FY – 9M.2017FY) MWG’s business segments
(VND bn)
4,000 Mobile World Group

3,000

Vuivui.com
2,000

1,000
The Gioi Di Dien May Bach Hoa Pharmaceutical
Dong Xanh Xanh Chain
0
2009 2011 2012 2013 2014 2015 2016 9M.2017
Source: MWG, Shinhan Investment Corp Source: MWG, Shinhan Investment Corp.
Stable profit although experiencing a growth stage
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 미국시장 제목 미정 / 유망종목 12선 2017년 12월

For retail companies, Asset
Turnover ratio is the most
effective tools to boost ROE so
increasing profit and depending
Asset Turnover hint a profitable
sale and higher ROE as well in
the future.
Normally, companies experiencing the growth stage have a weak profit performance. However, MWG
showed a growing profit from 2013 until now (69% on average each year) and stable profit margin
ratios. Together with the aggressive revenue, MWG confirmed the efficient cost controlling to generate
a positive profit, hints a strong growth in future after completely reconstruct the company.
A healthy Return on Equity (ROE)
MWG has a strong ROE which sharply recovered in 2013 and stays at the safety level (50% - 60%).
In addtion, the movement of ROE is mainly directed by the movement of Asset Turnover ratio and
mostly moved in the same direction with Ebit Margin ratio. For retail companies, Asset Turnover ratio
is the most effective tools to boost ROE so increasing profit and depending Asset Turnover hint a
profitable sale and higher ROE as well in the future.

Smart Governance Policies

MWG itself creates an outstanding competitive advantage over its peers by smart Governance
policies.

MWG borrow the money from
the bank with a low loan rates
(5.5% per year) to pay for
suppliers immediately.
Firstly, different from other retailers who do the installment payment for suppliers, MWG borrow the
money from the bank with a low loan rates (5.5% per year) to pay for suppliers immediately. Thanks
to the large retail network, MWG earned enough money to pay the loan for banks which help the
company reduce the cost compared to installment payment method. Therefore, MWG has a high
proportion of short-term debt in financial structure and low days paybles outstanding (around
30 days). The company does not have long-term deb, confirming its good financial health and
the capacity to acquire capital funds from investors. All in all, MWG took advantage of early
payment discount based on its payment policy as well as highly efficient credit and collection.

Return on Equity (ROE) (2Q.2015FY – 2Q.2017FY)

200%

150%

100%

50%

0%
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

ROE Tax burden EBIT Margin Asset Turnover

Source: Shinhan Investment Corp.

Leverage ratios (2Q.2015FY – 2Q.2017FY) Margin Ratios (2Q.2015FY – 2Q.2017FY)

20%
3.40
3.20
15%
3.00
2.80 10%
2.60
2.40 5%
2.20
2.00 0%
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Debt/Equity Leverage Gross profit margin Operating profit margin

Source: MWG, Shinhan Investment Corp Source: MWG, Shinhan Investment Corp.

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 미국시장 제목 미정 / 유망종목 12선 2017년 12월

MWG has many policies to limit
obsolescence product risk such
as if a store outlet does not
operate efficiently within 3
months, the company will close
that store.
Secondly, to efficiently manage the inventory, MWG has a stringent inventory management policy.
Particularly, MWG controls the Days of inventory on Hand (DOH) within 45 – 50 days on average. For
long-term inventory, the company has policy to fastly process and reduce the losses as well. The main
products of MWG are telecommunication and consumer electronics which quickly decrease in the
value and selling price. In addition, for “Bach Hoa Xanh” chain, the food and consumer products also
cannot store for long time. Therefore, stringent inventory policy is very important. Looking at the DOH
ratio, although being in the average level, it is still higher than the other activity ratios. This hints a risk
of obselesence or change in fashion products. However, MWG has many policies to limit this risk such
as if a store outlet does not operate efficiently within 3 months, the company will close that store.
Moreover, MWG also improve the technology system which help to not only better manage the
inventory but also reduce the costs.

Thirdly, relying on ERP (Enterprise resource planning) system, MWG said that it can kept the
administration cost stable and improving the efficiency of enterprise management. As consequences,
pushing MWG’s profit margin.

Lastly, MWG developed a policy satisfying not only its shareholders but also staffs. In 2017, the
company committed that if the growth rate of net profit is over 10%, the company will issue ESOP to
reward for its staffs. The company also give the rule that if the growth of price of MWG stock in the
year is lower than the growth of VN-Index in the same period, the company will adjust to reduce by
20% for the bonus ESOP above.

Smart policies showed a smart management board. This is the most important factor contributing to
the successful of a company. With the flexibility and experience, the management of MWG is confident
to make the company grow and grow in the future.

Sales and stores of Vietnam’s largest electronics retailers

Brands Sales Areas Sales per SQM
(Sqm) (VND mn)
Mobile World Group (MWG) 288,205 111.5

FPT shops 31,000 345.2

Nguyen Kim Group 48,841 212.7

Home Center 66,761 140.6

Source: Association of Vietnam retailers, Shinhan Investment Corp.

Activity ratios (2Q.2015FY – 2Q.2017FY) Liquidity ratios (2Q.2015FY – 2Q.2017FY)

(days) 2.00
300

1.50
200
1.00

100
0.50

0 0.00
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

DSO DOH Days' payables Cash conversion cycle Current ratio Quick ratio Cash ratio

Source: MWG, Shinhan Investment Corp Source: MWG, Shinhan Investment Corp.

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미국시장 제목 미정 /
By acquiring “Tran Anh
Group”, MWG push its
market shares in Consumer
Electronic sector to nearly
40%, become the leader in
this industry.
Besides the three mentioned
retail stores chains, MWG
also establishes a new chain
– pharmaceutical retail chain.
Cash Flows (2Q.2015FY – 2Q.2017FY)
(VND bn)
3,000
2,000
1,000
0
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
-1,000
-2,000
CFO
Source: MWG, Shinhan Investment Corp
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유망종목 12선 2017년 12월
Larger and larger retail network and strong potential growth from M&A deals
To keep the leader position in retail industry, MWG is going to increasingly expand its retail network
across the country and even in Southeast Asia countries likes Cambodia, Laos or Malaysia. The more
stores open, the greater the influence of the company have on the market. As a result, attracting more
customers and generating revenue.
For “Thegioididong” chain, between 2013 and 2016, the average growth rate of the total number of
stores opened is 65% each year. However, from 2016 to September 2017, the number only grew by
11.3%. The mobile segment is gradually moving to the saturation stage so MWG may limits the speed
of “Thegioididong” stores openned in the future. The number of the stores newly openned is expected
to grow by 5% in 2018, mainly in suburb areas and northern Vietnam. Currently, MWG occupied by
42% of total market shares in mobile retail industry, and the company expected to raise it to 45%.
For CE segment – “Dien May Xanh” chain, in constrast to “Thegioididong” chain, has a strong growth
rate of the total number of stores newly openned, over 200% on average each year. By acquiring
“Tran Anh Group”, MWG push its market shares in Consumer Electronic sector to nearly 40%,
become the leader in this industry. In addition, through this M&A deal, MWG have a quick access step
to the market in Northern Vietnam. The result is upgrading the bargaining power of the company then
strengthening the profitability. In future, similar to “Thegioididong” chain, it is expected to push the
market share of MWG in CE industry to over 50%.
The last is grocery segment – “Bach Hoa Xanh” chain. MWG has just launched this chain last year.
However, the surprise is that the chain reached to the break-even point starting from 4Q.2017 and the
gross profit margin also up to 14% from 10%. Therefore, this is a very potential earning source of
MWG in the future. In 2018, MWG believed that the company will open 1,000 new stores to expand
its business, bringing a positive earning for the company.
On the other sides, MWG opened a “Thegioididong” store in Cambodia and it is still being in the test
phase. If the store successfully operates, it will open a new opportunity for MWG to expand its
business to foreign countries.
Besides the three mentioned retail stores chains, MWG also establishes a new chain –
pharmaceutical retail chain. There are no specific plan for this project but MWG is raising capital to do
it. Particularly, MWG issues bond at the annual rate of 6.8% to finance for M&A deals in the future. By
paying the coupon bond, MWG can borrow money at the lower cost than from the banks, creating
favorable conditions for the development of further business activities. In long-term, MWG targets to
be able to sell every products by its retail system through M&A deals.
Total Assets (2Q.2015FY – 2Q.2017FY)
(VND bn)
1,600
1,400
1,200
1,000
800
600
400
200
0
CFI CFF 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Source: MWG, Shinhan Investment Corp.
미국시장 제목 미정 / 유망종목 12선 2017년 12월

Global Peer Group Valuation

MOBILE WORLD PHU NHUAN DIGIWORLD DIGITAL CHINA GOME RETAIL MINISTOP
Company
GROUP JEWELRY GROUP HOLDINGS
Ticker MWG VN PNJ VN DGW VN 000034 CH 493 HK 9946 JP
Sales 2016 44,613 8,565 3,800 136,276 258,302 40,872
(1bn VND) 2017F 66,686 10,821 3,544 158,628 286,190 43,906
2018F 87,722 13,013 3,862 171,564 303,110 46,299
OP 2016 1,992 724 89 2,064 663 258
(1bn VND) 2017F 2,876 948 83 1,613 2,710 281
2018F 3,644 1,198 103 1,834 4,036 333
OPM 2016 4.5 8.5 2.3 1.5 0.3 0.6
2017F 4.3 8.8 2.3 1.0 0.9 0.6
2018F 4.2 9.2 2.7 1.1 1.3 0.7
NP 2016 1,577 450 67 1,360 1,095 45
(1bnVND) 2017F 2,327 712 65 1,456 1,771 31
2018F 2,896 933 81 1,715 2,870 62
NPM 2016 3.5 5.3 1.8 1.0 0.4 0.1
2017F 3.5 6.6 1.8 0.9 0.6 0.1
2018F 3.3 7.2 2.1 1.0 0.9 0.1
PER 2016 15.2 15.2 9.5 33.3 52.6 295.3
(x) 2017F 16.6 18.4 11.5 32.8 31.9 438.2
2018F 13.8 14.1 9.3 28.2 19.6 219.3
PBR 2016 6.3 4.4 1.0 5.5 0.8 1.1
(x) 2017F 6.2 4.8 1.2 4.6 0.7 -
2018F 4.6 3.9 1.4 4.1 0.7 -
EPS 증가율 2016 40.3 671.7 (37.5) 1,016.7 (77.5) (77.8)
(%) 2017F 32.9 35.6 (33.9) (0.7) 51.6 (30.1)
2018F 20.7 30.5 24.7 16.5 64.5 99.8
ROE 2016 49.9 30.6 10.9 28.5 1.6 0.4
(%) 2017F 45.6 37.7 10.8 17.2 2.3 -
2018F 39.7 35.4 15.5 16.1 3.6 -
EV/EBITDA 2016 11.7 10.4 10.2 33.3 18.7 6.9
(x) 2017F 11.0 13.5 11.1 28.2 15.0 -
2018F 8.6 10.7 8.2 25.7 11.8 -
Source: Bloomberg, Shinhan Investment Corp.

Global Peer Group Share price 12-month forward PER

(2015/01/01=0) (VND)
500 150,000 20x
MOBILE WORLD GROUP PHU NHUAN JEWELRY

DIGIWORLD DIGITAL CHINA GROUP

400 17x
GOME RETAIL HOLDINGS MINISTOP

100,000 14x
300
11x
200
8x
100 50,000

(100) 0
01/15 07/15 01/16 07/16 01/17 07/17 2014 2015 2016 2017
Source: Bloomberg, Shinhan Investment Corp. Source: Bloomberg, Shinhan Investment Corp.

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