ASEAN Consumer: 2Q26 preview: Vietnam to lead

Research evidence excerpt

ASEAN Consumer: 2Q26 preview: Vietnam to lead

20 July 2026

ASEAN Consumer Equities Consumer

2Q26 preview: Vietnam to lead ASEAN

◆ Positive consumer sentiment in Vietnam driving growth in Selviana Aripin*, CFA

MWG, MSN; valuations are at undemanding levels Analyst,The HongkongASEANandConsumerShanghai andBankingHealthcareCorporation

Limited, Singapore Branch

◆ Renewed investor interest in Thailand; seasonally weak selviana.aripin@hsbc.com.sg

+65 6658 0610

quarter for Indonesia

Nga Nguyen*

Analyst, ASEAN Equity Research

◆ Our preferred picks are MWG, MSN from Vietnam, CPALL The Hongkong and Shanghai Banking Corporation

from Thailand, and AMRT from Indonesia nga.quynh.nguyen@hsbc.com.sg

+65 66585776

Rayman Kaur Chadha*

Vietnam’s trade resilience driving positive consumer sentiment: Among the Associate

consumer companies under our coverage, we expect the strongest growth from Bangalore

those in Vietnam. For Mobile World (MWG VN, Buy, TP VND106,000) and Masan

(MSN VN, Buy, TP VND101,900), we expect 2Q26 net income growth to be >40% * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

driven by >20% revenue growth. Like many consumer companies across SE Asia, not registered/ qualified pursuant to FINRA regulations

we view valuations for MWG and MSN as undemanding in terms of P/E and

EV/EBITDA (see page 4). Our top pick in Vietnam is MWG. The listing of MWG’s

subsidiary Dien May Xanh Investment JSC in the Ho Chi Minh City Stock Exchange

in August 2026 (Reuters, 1 July 2026) should unlock value for MWG. We expect

MWG to continue its strong growth in both electronics and grocery retail segments.

Thailand consumer is seeing renewed interest in recent months: We see a pick-

up in tourism arrival data (May 2026 +4% Y-o-Y) as a positive signal supporting the