According to documents recently sent to investors, Dien May Xanh Investment Joint Stock Company (DMX) recorded revenue of approximately 107,000 billion VND and after-tax profit of 6,100 billion VND in 2025. For the 2026-2030 period, revenue is projected to reach around 182,000 billion VND, representing a compound growth rate of about 11% annually.

Profit is expected to grow faster, at approximately 16% per year. This growth will be driven by high-margin service segments such as consumer finance, after-sales support, and equipment repair. If plans are met, the retail chain's after-tax profit could increase to about 13,000 billion VND by 2030, doubling its current profit.

Company leadership believes the Vietnamese retail market for phones and electronics still has growth potential, possibly reaching a scale of approximately 15 billion USD by 2030. This translates to an average annual growth rate of over 8%. Key market drivers include demand for device upgrades fueled by new technologies like AI and 5G, the smart home ecosystem, and the trend of consuming products that enhance quality of life.

Based on this outlook, Dien May Xanh has developed a growth strategy built on 5 pillars. The company continues to optimize the efficiency of its existing network of over 3,000 stores. It is also expanding into services such as installment finance and equipment installation and repair through its "Tho DMX" system. Furthermore, the customer application is being developed into an integrated shopping and after-sales service platform.

Another growth driver is the EraBlue joint venture in Indonesia. This chain operates in a market of nearly 300 million people and aims to expand to approximately 1,000 stores in the long term.

DMX is preparing for an initial public offering (IPO) in 2026. The company recently held its annual general meeting of shareholders for 2026, its first since restructuring in preparation for listing.

According to the approved plan, the company targets net revenue of 122,500 billion VND this year, an 11.9% increase from the previous year. After-tax profit is projected at approximately 7,350 billion VND, up 26.7%. The expected dividend payout ratio is 25% of the share's par value.

For 2027, revenue is expected to reach 135,000 billion VND, a 10.2% increase, while after-tax profit is estimated at around 8,472 billion VND, up 15.3%. The projected dividend payout ratio is 28.7%.

The meeting also approved a plan to offer a maximum of over 179 million shares to the public, representing about 16.3% of outstanding shares. The offering price will not be lower than the book value stated in the audited consolidated financial statements for 2025, which is 16,163 VND per share.

The offering is expected this year, pending the State Securities Commission granting a registration certificate. All proceeds from the IPO, after deducting expenses, will be used to repay short-term loans from credit institutions. Disbursement is planned for this year.

Upon completion of the IPO, DMX shares will be centrally registered and deposited at the Vietnam Securities Depository and Clearing Corporation (VSDC) and listed on the Ho Chi Minh City Stock Exchange (HoSE). If listing conditions are not met, the company stated it would register for trading on the UPCoM market. DMX also expects to pay cash dividends totaling a maximum of 3,200 billion VND from retained earnings after the IPO is complete.

Doan Van Hieu Em, a member of the Board of Directors of The Gioi Di Dong and CEO of DMX, stated that organizing the shareholder meeting and proceeding with the IPO represents a significant step in the development roadmap, ushering in a new growth phase for the electronics retail chain.

Some securities companies suggest that separating and listing Dien May Xanh could help the market better value the phone and electronics retail segment within The Gioi Di Dong ecosystem. According to SSI's report, the phone and electronics retail segment, operated by Dien May Xanh, is expected to remain a pillar of the group, contributing the majority of consolidated revenue and profit in the coming years.

VNDirect believes that IPOs of separate retail chains can enhance financial transparency for companies and create room for higher valuations for each business segment, compared to being reflected collectively in the parent company's valuation. According to Vietcap, the expansion into services like consumer finance, repair, and after-sales could help electronics retail chains improve medium-term profit margins. This comes as the technology equipment market enters a slower growth phase than before.

However, experts also note that competition from e-commerce and a slowing consumption cycle mean the electronics retail industry's growth rate will no longer be as high as in its previous boom period. Therefore, the effective implementation of new service segments could play a crucial role in the company's profit outlook.

Thi Ha