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Equity Bottom-Up

Tien Giang Investment and Construction / Equity Bottom-Up

Tien Giang Investment and Construction Joint Stock Company (TICCO) is a Vietnam-based company primarily engaged in real estate operations and development, including the construction of residential areas, industrial parks, and traffic infrastructure. It also specializes in civil, traffic, and irrigation works construction, alongside the production and trading of ready-mixed and precast concrete products. TICCO was established in 1977 as Tien Giang Hydraulic Construction Company and is headquartered in My Tho, Tien Giang province, Vietnam.

Tien Giang Investment and Construction (THG VN)

<ul><li>Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.</li><li>The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.</li><li>Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps YoY). </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.

Net revenue reached 556 billion VND (+24% QoQ; -11% YoY), lower than expected.The concrete &amp; construction materials segment reached 356 billion VND (+20% QoQ; -4% YoY), and the construction segment reached 149 billion VND (+50% QoQ; +6% YoY), while the real estate &amp; industrial park segment decreased sharply to 51 billion VND (-54% YoY) due to declining contributions from the D7 project and revenue from Gia Thuan 2 not yet being recognized.Gross profit reached 118 billion VND (+15% QoQ; -10% YoY), corresponding to a gross margin of 21.2% (-164 bps QoQ; +26 bps YoY). 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.

THG - Gia Thuan 2 is expected to contribute to business results

Nam Long Investment Corporation is a Vietnamese real estate developer specializing in residential projects, including urban areas, apartments, villas, and townhouses. The company also engages in civil and industrial construction, housing renovation, and real estate management and brokerage services. Founded in 1992, its headquarters are in Ho Chi Minh City, Vietnam.

<ul><li>In Q2/2026, NLG recorded net revenue of VND 415 bn (-67.5% QoQ, -46.3% YoY), significantly lower than our forecast.</li><li>The GPM reached 57%, thanks to a delivery mix skewed toward land plots and low-rise units, along with contributions from the leasing service segment (VND 136 bn).</li><li>Financial income reached VND 91 bn (+109.7% YoY) due to large cash deposits. </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.

In Q2/2026, NLG recorded net revenue of VND 415 bn (-67.5% QoQ, -46.3% YoY), significantly lower than our forecast.The GPM reached 57%, thanks to a delivery mix skewed toward land plots and low-rise units, along with contributions from the leasing service segment (VND 136 bn).Financial income reached VND 91 bn (+109.7% YoY) due to large cash deposits. 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.

NLG - Delivery cycle begins, providing a foundation for profit from Q4

Vietnam Container Shipping / Equity Bottom-Up

Vietnam Container Shipping is a prominent logistics and port operations company based in Vietnam. It offers a comprehensive range of services including port operations, container handling, warehousing, and various transportation and logistics solutions such as freight forwarding, shipping agency, and inland transportation. The company was founded in 1985 and is headquartered in Hai Phong, Vietnam.

<ul><li>In Q2-FY26, revenue and NPAT-MI reached VND 861 bn (+7% YoY ) and VND 186 bn (+60% YoY ), respectively, performing better than our expectations due to higher -than-forecast profits from JVs Hai An Transport and Stevedoring JSC (HSX: HAH) and Vinaship JSC (UPCOM: VNA), as well as the reversal of provisions for declines in the value of trading securities.</li><li>VSC's total throughput reached 344,000 TEUs (+8% YoY ). Throughput at VSC's port cluster maintained growth comparable to the entire region, implying that VSC did not lose market share compared to the SPLY , despit e four new port berths coming into operation at Lach Huyen, as HAH's fleet began operations at Nam Hai Dinh Vu port from Q3 -FY25.</li><li>Profit from JVs was VND 112 bn (compared to a loss of VND 1 bn in the SPLY ). Profit from Hai An was VND 83 bn and VND 20 bn from VNA. In Q2-FY26, VNA recorded an extraordinary PBT of VND 46 bn from the liquidation of the Vinaship Gold vessel. </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.

In Q2-FY26, revenue and NPAT-MI reached VND 861 bn (+7% YoY ) and VND 186 bn (+60% YoY ), respectively, performing better than our expectations due to higher -than-forecast profits from JVs Hai An Transport and Stevedoring JSC (HSX: HAH) and Vinaship JSC (UPCOM: VNA), as well as the reversal of provisions for declines in the value of trading securities.VSC's total throughput reached 344,000 TEUs (+8% YoY ). Throughput at VSC's port cluster maintained growth comparable to the entire region, implying that VSC did not lose market share compared to the SPLY , despit e four new port berths coming into operation at Lach Huyen, as HAH's fleet began operations at Nam Hai Dinh Vu port from Q3 -FY25.Profit from JVs was VND 112 bn (compared to a loss of VND 1 bn in the SPLY ). Profit from Hai An was VND 83 bn and VND 20 bn from VNA. In Q2-FY26, VNA recorded an extraordinary PBT of VND 46 bn from the liquidation of the Vinaship Gold vessel. 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.

VSC - Associates are the growth driver for profit

TNG Investment and Trading / Equity Bottom-Up

TNG Investment and Trading is a Vietnam-based company primarily engaged in the production and trading of garments, including jackets, raincoats, and various apparel items. The company also manufactures and sells corrugated paper, plastic bags, cartons, and garment accessories. Headquartered in Thai Nguyen, Vietnam, the company was established in 1979.

<ul><li>In Q2-FY26, revenue and NPAT-MI reached VND 2,913 bn (+15% YoY) and VND 150 bn (+25% YoY), respectively, in line with our forecasts.</li><li>TNG's revenue recorded positive growth due to contributions from two export markets, the EU and Canada, with revenue shares of approximately 41.4% and 8.3%, respectively, recording growth of 27% YoY and 52% YoY, respectively.</li><li>Meanwhile, export revenue to the US market grew slowly at 5% YoY as consumer demand has not clearly improved. </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.

In Q2-FY26, revenue and NPAT-MI reached VND 2,913 bn (+15% YoY) and VND 150 bn (+25% YoY), respectively, in line with our forecasts.TNG's revenue recorded positive growth due to contributions from two export markets, the EU and Canada, with revenue shares of approximately 41.4% and 8.3%, respectively, recording growth of 27% YoY and 52% YoY, respectively.Meanwhile, export revenue to the US market grew slowly at 5% YoY as consumer demand has not clearly improved. 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.

Petrolimex, formally the Vietnam National Petroleum Group, is a leading state-owned enterprise in Vietnam primarily engaged in the import, export, and wholesale and retail trading of petroleum products, petrochemicals, and related products such as gasoline, diesel oil, fuel oil, and aviation fuel. The company also operates an extensive network of petroleum bulk stations and gasoline stations across the country. Additionally, Petrolimex has significant subsidiaries involved in insurance, transportation, and trading services. It was founded in 1956 and is headquartered in Hanoi, Vietnam.

<ul><li>Sales volume continues to grow steadily, supported by PLX’s leading market position and the largest distribution network in the country.</li><li>In 2026, we project revenue of over VND 443 trillion (+43% YoY) and NPAT-MI of approximately VND 3.4 trillion (+26% YoY), primarily driven by a 13.3% increase in domestic sales volume and a 30.9% rise in average selling prices amid growing demand from the transportation and logistics sectors.</li><li>For 2026–2030, revenue and NPAT-MI are projected to grow at CAGRs of 10.9% and 8.0%, respectively, supported by the continued expansion of PLX’s petroleum station network and its leading position in the retail channel.</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.

Sales volume continues to grow steadily, supported by PLX’s leading market position and the largest distribution network in the country.In 2026, we project revenue of over VND 443 trillion (+43% YoY) and NPAT-MI of approximately VND 3.4 trillion (+26% YoY), primarily driven by a 13.3% increase in domestic sales volume and a 30.9% rise in average selling prices amid growing demand from the transportation and logistics sectors.For 2026–2030, revenue and NPAT-MI are projected to grow at CAGRs of 10.9% and 8.0%, respectively, supported by the continued expansion of PLX’s petroleum station network and its leading position in the retail channel.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.

PLX - Waiting for the Approval of the Draft Decree on the Petroleum Business