Roadmap to eliminate cumulative losses towards IPO goal of Bach Hoa Xanh

In the strategy towards 2030, Bach Hoa Xanh (BHX) of CTCP Dau Tu The Gioi Di Dong (MWG) aims for independent listing. However, BHX faces challenges with a cumulative loss of 6.9 trillion VND as of Q3/2025. To prepare for an IPO in 2028, BHX must reduce losses and maintain sustainable profits. Although operations in the South show improvement with profit margins increasing to 3.5-4.5%, expansion to the North with about 1,000 new stores in 2026 will put pressure on profitability due to higher costs and uncertain average revenue. Mirae Asset estimates BHX’s revenue will grow around 24.8% per year through 2028, but net profit will remain minimal due to reliance on expansion speed and investment efficiency.