External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

Dong Hai Joint Stock Company of Ben Tre manufactures, sells, and trades in pulp, kraft paper, paper board, and carton packaging products in Vietnam. The company offers 3 layers and 5 layers carton packages and boxes. The company was founded in 1994 and is headquartered in Chau Thanh, Vietnam.

<ul><li>We increase our target price (TP) by 3% and reiterate our BUY rating.</li><li>Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.</li><li>We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our target price (TP) by 3% and reiterate our BUY rating.Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Three 2026 themes: (i) Continued AI spending boom, moats and monopolies to thrive, (ii) Recently commenced commodity super-cycle, especially in copper, (iii) Continued defense spending boom amid accelerating geopolitical tensions.</li>
<li>These themes are well-discussed over the past year, but recent concerns about their longevity (especially AI spending) have derated the beneficiary stocks. We think it's time to re-focus on them.</li>
<li>Our top picks: TSMC (the monopoly AI enabler), Zijin Mining (the gold and copper giant, benefitting from two super cycles) and Hanwha Aerospace (the biggest beneficiary of defense spending boom).</li>
</ul>


Three 2026 themes: (i) Continued AI spending boom, moats and monopolies to thrive, (ii) Recently commenced commodity super-cycle, especially in copper, (iii) Continued defense spending boom amid accelerating geopolitical tensions.
These themes are well-discussed over the past year, but recent concerns about their longevity (especially AI spending) have derated the beneficiary stocks. We think it's time to re-focus on them.
Our top picks: TSMC (the monopoly AI enabler), Zijin Mining (the gold and copper giant, benefitting from two super cycles) and Hanwha Aerospace (the biggest beneficiary of defense spending boom).


2026 High Conviction: Three Themes, Three Top Picks

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%


Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Vinfast Auto Ltd. operates electric vehicle intelligent platform. The Company offers full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooter, and electric buses. Vinfast Auto serves customers worldwide.

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully electric line up of EV passenger cars, e-scooters and e-buses. The company is leveraging its core competencies in Vietnam (one of the fastest-growing EV markets globally) and its integrated EV ecosystem to expand in India, Indonesia and the Philippines. In our view, VinFast combines a strong strategic position in Vietnam with a sizeable opportunity to extend that model into high-growth regional markets, balanced against the execution and capital risks typical of a fast-growing EV manufacturer.

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully electric line up of EV passenger cars, e-scooters and e-buses. The company is leveraging its core competencies in Vietnam (one of the fastest-growing EV markets globally) and its integrated EV ecosystem to expand in India, Indonesia and the Philippines. In our view, VinFast combines a strong strategic position in Vietnam with a sizeable opportunity to extend that model into high-growth regional markets, balanced against the execution and capital risks typical of a fast-growing EV manufacturer.

Vinfast Auto — Scaling up for regional EV adoption

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

Vietnam
Insights on Vietnam

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.

Vietcap

2026 High Conviction: Three Themes, Three Top Picks

2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...

Manishi Raychaudhuri

The Stocks to Own in ASEAN – Vol. 53

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

Vinfast Auto — Scaling up for regional EV adoption

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully...

Edison Investment Research

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.

Vietcap

2026 High Conviction: Three Themes, Three Top Picks

​2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...

Manishi Raychaudhuri

The Stocks to Own in ASEAN – Vol. 53

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

Vinfast Auto — Scaling up for regional EV adoption

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully...

Edison Investment Research

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...