In the third quarter of 2026, Digiworld (HoSE: DGW) booked an estimated VND 3,033 billion from office equipment and servers, more than the VND 2,771 billion from phones.Tin nhanh Chứng khoán That is the same quarter the iPhone 18 Pro went on sale, the product many people still associate with the Digiworld name.
Start with the headline numbers. Q3 revenue came in at VND 10,757 billion, up 46% year on year and the highest quarterly figure in the company's history. Over nine months, revenue passed VND 26,500 billion, up 42%, or about 84% of the full-year plan of VND 31,500 billion.Tin nhanh Chứng khoán That is already close to all of 2025, when revenue was VND 26,632 billion.Thời báo Tài chính VN
The real questions are where that revenue came from and why its mix matters to anyone holding DGW. One caveat up front: these are revenue figures the company released itself, partly estimates. The Q3 financial statements are not out yet, so Q3 profit is not available.
Q3 revenue by segment
According to Digiworld's October 5 release, laptops and tablets remain the largest segment at VND 3,834 billion, up more than 20%, helped by back-to-school demand and higher average selling prices. Office equipment (including servers) reached an estimated VND 3,033 billion, up 101%, or double a year earlier. Phones brought in VND 2,771 billion, up 42%, on new Xiaomi and Apple products. Industrial supplies, which include workplace safety gear and Shell lubricants, reached VND 330 billion, up 146%. Home appliances rose 22% and consumer goods 32%.Người Quan Sát
Against total revenue, office equipment made up about 28% of Q3, phones about 26%, and laptops and tablets about 36% (calculated from the company's figures). Setting aside the still-small industrial supplies line, office equipment is the fastest-growing segment.
Servers and tech infrastructure: the fastest-growing driver
Digiworld attributes the doubling of office equipment to demand for technology infrastructure, digital transformation, servers, networking gear and AI-related solutions.Tin nhanh Chứng khoán A Mordor Intelligence forecast cited by Người Quan Sát puts Vietnam's data-center server market growing from roughly USD 540 million in 2026 to USD 811 million in 2031.Người Quan Sát
The 101% jump is not a one-quarter spike. In the first half alone, office equipment brought in more than VND 4,400 billion, up 69%. Per Vietnam Financial Times, over two years its share of Digiworld's revenue rose from 19% to 28%, while laptops and phones combined fell from 74% to 61%.Thời báo Tài chính VN
The customer base shifted along with it. Corporate and institutional buyers, including businesses, government agencies, schools and hospitals, grew from 24% to 35% of revenue in two years.Thời báo Tài chính VN In other words, Digiworld is selling more to server rooms and data centers than before, not only to people buying phones and personal laptops.
Phones and laptops: still big, but seasonal
Phone revenue rose 42%, mainly on the product cycle. The iPhone 18 Pro and Pro Max went on sale on September 18, with more than 220,000 pre-orders at several large retail chains.Người Quan Sát That means the new iPhone only covers the last two weeks of Q3. Most of the selling season falls in Q4, so office equipment overtaking phones in Q3 may not repeat next quarter. What is safer to say is that the gap between the two segments has narrowed to near parity.
Laptops and tablets grew far more slowly, just over 20%. This segment is sensitive to component costs: when memory and chip prices rise, device prices follow. Digiworld says the segment was helped by back-to-school demand and higher average selling prices.
Industrial supplies are small at VND 330 billion, but notable because Q3 was the first quarter Shell lubricants began contributing revenue.Tin nhanh Chứng khoán The line takes Digiworld beyond tech hardware, toward garages, service centers and factories.
The unknown: how much profit follows revenue
Higher revenue does not say how much higher profit is. For a distributor, profit depends on gross margin, the gap between selling price and purchase cost.
In the first half of 2026, Digiworld's net profit after tax was more than VND 509.6 billion, up 130%, on net revenue of VND 15,773 billion. Against a full-year profit plan of VND 660 billion, that is about 77% done after six months.Tin nhanh Chứng khoán Profit ran well ahead of revenue.
Q2 explains most of that. Per Vietnam Financial Times, Digiworld's Q2 2026 gross margin reached 13%, the highest in its history, with a net margin of 4.2%.Thời báo Tài chính VN Two explanations are plausible. One is higher product prices while the company still held inventory bought at lower cost. The other is that office equipment became a larger part of revenue. The sources do not separate how much each contributed.
The two factors differ in durability. Profit from cheap inventory thins out as old stock sells through and new purchase prices are already higher. Profit from mix can stay, if office equipment keeps growing as it did in Q3. But the company does not disclose margins by segment, so it is not possible to say which one is winning.
Analysts' own forecasts show the uncertainty. According to an Elibook roundup on September 29, VCBS forecasts Q3 net profit of only about VND 198 billion, while MBS forecasts VND 481 billion.Elibook The two numbers differ by more than a factor of two, for the same company and the same quarter. Q3 revenue is now out; what remains is the margin.
Share price reaction and upcoming dates
On October 5, DGW closed at VND 47,400, up 6.3%, on about 3.67 million shares traded. The gain is measured against a reference price already adjusted for the VND 1,000 dividend. Versus the VND 45,600 close on October 2, the stock is about 3.9% higher. Per Tin nhanh Chứng khoán, DGW's trailing four-quarter P/E is 12.2x.Tin nhanh Chứng khoán
For current holders, the first 2026 interim cash dividend is 10%, or VND 1,000 per share, with a record date of October 6 and payment expected on October 16. The more important date is the Q3 financial statements, expected in October. They will answer the question the revenue release could not.
Assessment
The revenue story is fairly clear: Digiworld is relying less on phones and personal computers and shifting toward goods for businesses and institutions, with servers as the spearhead. Office equipment overtaking phones in the very quarter of a new iPhone is the strongest evidence of that trend, even if seasonality could reverse the order in Q4.
The profit story is not clear, and the evidence is not enough to conclude. The number to watch when the Q3 statements arrive is gross margin, against Q2's 13%. If gross margin holds near that level while laptops grow only a little over 20%, office equipment is genuinely carrying profit and the shift has substance. If it falls clearly, much of the first-half profit came from cheap inventory, and the record Q3 revenue will not translate into a matching quarterly profit high.