External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Gia Lai Electricity Joint Stock Company produces, transmits, and distributes electricity in Vietnam. The company operates through Electricity Production and Sales Activities, Service Provision Activities, Goods Sales Activities, and Construction Activities segments. It also engages in setting up electrical system; construction of industrial projects, hydroelectric projects, dams and dykes, road embankments, and other projects; consulting on survey, design, construction, and supervision of small and medium hydroelectric projects, lines, and transformer stations; wholesale of other machinery, equipment and spare parts; and provision of construction, technical, electrical consulting services, and financial investment. In addition, the company is involved in production of concrete and products from cement and gypsum; architectural activities; Laboratory services; and solar and wind power operation and maintenance. Gia Lai Electricity Joint Stock Company was founded in 1989 and is headquartered in Pleiku, Vietnam.

<ul><li>Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.</li><li>Accordingly, we maintain a BUY recommendation on GEG.</li><li>In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. </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.

Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.Accordingly, we maintain a BUY recommendation on GEG.In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. 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.

GEG - Growth Potential Comes from Expanding Renewable Energy Capacity

Binh Minh Plastics Jsc / Equity Bottom-Up

Binh Minh Plastics JSC manufactures plastic pipe.

<ul><li>Using the comparable valuation method, we determine a fair 12-month target price for BMP stock of VND 168,100 per share, implying forward 2026 EV/EBITDA and P/E multiples of 6x and 10x, respectively.</li><li>With projected cash dividends of VND 12,700 and VND 16,500 per share for 2025 and 2026, respectively, investors should consider BMP for a dividend-focused strategy delivering a total expected return of 11%.</li><li>The Vietnamese plastic pipe market is expected to rebound, driven by rising demand from civil construction and public infrastructure investment, with industry-wide volume growth estimated at 8.5% CAGR over 2025–2026. </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.

Using the comparable valuation method, we determine a fair 12-month target price for BMP stock of VND 168,100 per share, implying forward 2026 EV/EBITDA and P/E multiples of 6x and 10x, respectively.With projected cash dividends of VND 12,700 and VND 16,500 per share for 2025 and 2026, respectively, investors should consider BMP for a dividend-focused strategy delivering a total expected return of 11%.The Vietnamese plastic pipe market is expected to rebound, driven by rising demand from civil construction and public infrastructure investment, with industry-wide volume growth estimated at 8.5% CAGR over 2025–2026. 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.

BMP - Contribution of New Vessels as Growth Driver in 2025

Petrovietnam Transportation Co / Equity Bottom-Up

PetroVietnam Transportation Corporation provides maritime transportation and services to the oil and gas industry in Vietnam and internationally. It owns, operates, and charters crude oil, oil products, gas products, and chemical tankers, as well as offshore support vessels and other cargo ships. The company transports crude oil, refined oil products, and gas products and chemicals. It also provides offshore technical services, such as FPSO/FSO services, offshore support vessels, marine survey, offshore fabrication, transportation, installation, maintenance, and repair, as well as manpower supply, etc. In addition, the company offers logistics services; industrial, agricultural, fishery, and household products import and export services; travel and tourist services; and man power training services. Further, it provides other services, including the procurement and supply of marine, oil, and gas materials and equipment; marine and container freight forwarding services; road and inland waterway transportation services; gas taxi and passenger transportation services; freight forwarding services; multi-modal transportation; and real estate and financial investment services. The company was founded in 2002 and is based in Ho Chi Minh City, Vietnam. PetroVietnam Transportation Corporation is a subsidiary of Vietnam National Oil and Gas Group.

<ul><li>Using a combination of the DCF and EV/EBITDA methods, we determine the fair value of PVT shares for the next 12 months at VND20,300/share, expected return of 15% (as of November 07,2025).</li><li>Toward the end of 2025, we expect PVT’s earnings to gradually stabilize after a weak 1H pressured by declining freight rates.</li><li>Notably, international rates have bottomed out and showed early signs of recovery in Q3/2025, which should support margin improvement. </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.

Using a combination of the DCF and EV/EBITDA methods, we determine the fair value of PVT shares for the next 12 months at VND20,300/share, expected return of 15% (as of November 07,2025).Toward the end of 2025, we expect PVT’s earnings to gradually stabilize after a weak 1H pressured by declining freight rates.Notably, international rates have bottomed out and showed early signs of recovery in Q3/2025, which should support margin improvement. 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.

PVT - Contribution of New Vessels as Growth Driver in 2025

Ha Do Group JSC offers construction services. The Company builds residential projects, power plants, and other projects.

<ul><li>HDG currently owns eight power plants with a total capacity of 462 MW.</li><li>From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.</li><li>HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.</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.

HDG currently owns eight power plants with a total capacity of 462 MW.From 2022 to 2024, the energy segment’s revenue contribution has gradually increased, accounting for over 50% of total revenue.HDG’s power plants are operating at high efficiency, driven by: 1/ The company’s capability to invest in and operate power plants effectively, and 2/ The renewable energy plants, which began commercial operations between 2019 and 2021, benefiting from priority grid access.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.

HDG - Return to the Project's Development Track

JSC Bank for Foreign Trade of Vietnam is a commercial bank.  The Bank attracts deposits and offers consumer and corporate loans, and foreign exchange services, and sponsors credit cards.

<ul><li>Profit growth is poised to resume double-digit in the medium term, after years of prudent operation.</li><li>VCB is the leading state-owned bank in the entire system in terms of demand deposit size (leading to absolute advantages in the industry in terms of low funding costs), asset quality (since 2014) and profit scale (since 2018).</li><li>These achievements stem not only from its strong brand and credibility as a state-owned bank, coupled with its historical role as Vietnam’s first bank tasked with international trade responsibilities-enabling it to attract major corporate clients and FDI capital flows-but also from its disciplined and prudent management approach. </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.

Profit growth is poised to resume double-digit in the medium term, after years of prudent operation.VCB is the leading state-owned bank in the entire system in terms of demand deposit size (leading to absolute advantages in the industry in terms of low funding costs), asset quality (since 2014) and profit scale (since 2018).These achievements stem not only from its strong brand and credibility as a state-owned bank, coupled with its historical role as Vietnam’s first bank tasked with international trade responsibilities-enabling it to attract major corporate clients and FDI capital flows-but also from its disciplined and prudent management approach. 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.