External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Masan Group Corp. is a diversified private sector group. The Company's principal lines of business include food and beverage, consumer-agri, financial services and natural resources.

<ul><li>Masan Consumer manufactures seasonings (50% market share), convenience foods (20%), non-alcoholic beverages (3%), coffee (14%) and home &amp; personal care (HPC, 4%).</li><li>MCH is a unique growth-at-scale asset in Asia FMCG. In terms of 2017-24 revenue CAGR, it achieved 11% (12% in seasonings vs 5% of APAC and 14% in convenience food vs 7% of APAC)</li><li>We forecast (1) 2025F-2026F NPAT-MI to retreat 18% then rebound 20% YoY due to distribution revamp and (2) 16% 2026F-28F NPAT-MI CAGR, with NPM expanding from 22.4% to 24.0%. We also expect MCH to maintain 45% ROE despite a 30%+ net cash/equity position.</li><li>Meanwhile, during 2020-24, our Asian peer group median posted NPAT CAGR of 4%, average NPM of 13%, ROE of 21% and net cash/equity of 1%. Given MCH’s superior profile and strong 2026F rebound, we value MCH at 31x 2026F P/E vs the median of peer’s 5y avg TTM PE of 36x.</li><li>Upside catalyst: Move to HOSE (Dec 2025) and inclusion in VN30 and otherindex baskets (JunSep 2026) can attract substantial capital; potentially stronger profitability thanks to digital 4P.</li><li>Downside risks: Inflation pressure and GT disruptions due to presumptive tax removal, higherthan-expected competition, long disruptions from wholesaler reduction.</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.

Masan Consumer manufactures seasonings (50% market share), convenience foods (20%), non-alcoholic beverages (3%), coffee (14%) and home &amp; personal care (HPC, 4%).MCH is a unique growth-at-scale asset in Asia FMCG. In terms of 2017-24 revenue CAGR, it achieved 11% (12% in seasonings vs 5% of APAC and 14% in convenience food vs 7% of APAC)We forecast (1) 2025F-2026F NPAT-MI to retreat 18% then rebound 20% YoY due to distribution revamp and (2) 16% 2026F-28F NPAT-MI CAGR, with NPM expanding from 22.4% to 24.0%. We also expect MCH to maintain 45% ROE despite a 30%+ net cash/equity position.Meanwhile, during 2020-24, our Asian peer group median posted NPAT CAGR of 4%, average NPM of 13%, ROE of 21% and net cash/equity of 1%. Given MCH’s superior profile and strong 2026F rebound, we value MCH at 31x 2026F P/E vs the median of peer’s 5y avg TTM PE of 36x.Upside catalyst: Move to HOSE (Dec 2025) and inclusion in VN30 and otherindex baskets (JunSep 2026) can attract substantial capital; potentially stronger profitability thanks to digital 4P.Downside risks: Inflation pressure and GT disruptions due to presumptive tax removal, higherthan-expected competition, long disruptions from wholesaler reduction.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.

MCH - Consumer Champion with Unique Retail Synergy - Initiation

IDICO Corporation - JSC invests in and develops urban infrastructure, economic zone, and residential projects in Vietnam. It engages in the provision of industrial zone development, investment, hydropower, transportation, housing and urban area, and construction and installation services. The company was formerly known as Vietnam Urban and Industrial Zone Development Corporation. IDICO Corporation - JSC was founded in 2000 and is headquartered in Ho Chi Minh City, Vietnam.

<ul><li>We maintain our BUY rating on IDC but lower our target price by 4% to VND54,000/share, as a result of our 32%/22%/18%/11% cut in 2025/26/27/28F respective IP land sales forecasts, which is partially offset by (1) rolling forward our TP horizon to end-2026 and (2) higher valuations for the IP utilities (mainly RBF/RBW) and energy segments.</li><li>We forecast 2025F NPAT-MI to decline 18% YoY to VND1.6tn (USD62mn), driven by our expectation of ~8 ha of IP land handovers in Q4 2025F (vs 28 ha in H1 2025, 36 ha in Q3 2025), with IDC’s end-Q3 2025 backlog (our estimated ~49 ha) largely to be handed over in 2026F.</li><li>For 2026F, we forecast NPAT-MI to increase 17% vs 2025F to VND1.9tn (USD73mn), supported by (1) a YoY improvement in IP land sales that will drive higher IP land handovers and (2) expected sales launches at the Huu Thanh UA project.</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 maintain our BUY rating on IDC but lower our target price by 4% to VND54,000/share, as a result of our 32%/22%/18%/11% cut in 2025/26/27/28F respective IP land sales forecasts, which is partially offset by (1) rolling forward our TP horizon to end-2026 and (2) higher valuations for the IP utilities (mainly RBF/RBW) and energy segments.We forecast 2025F NPAT-MI to decline 18% YoY to VND1.6tn (USD62mn), driven by our expectation of ~8 ha of IP land handovers in Q4 2025F (vs 28 ha in H1 2025, 36 ha in Q3 2025), with IDC’s end-Q3 2025 backlog (our estimated ~49 ha) largely to be handed over in 2026F.For 2026F, we forecast NPAT-MI to increase 17% vs 2025F to VND1.9tn (USD73mn), supported by (1) a YoY improvement in IP land sales that will drive higher IP land handovers and (2) expected sales launches at the Huu Thanh UA project.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.

IDC [BUY +36.9%] - Large Strategic Land Bank to Drive IP Land Sales Rebound - Update

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.

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.</li><li>The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.</li><li>Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. </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 participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. 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.

VinFast's (Nasdaq: VFS) Q3 2025 Earnings Call - Highlights

Military Commercial Joint Stock Bank / Equity Bottom-Up

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

<ul><li>We increase our target price (TP) by 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.</li><li>Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).</li><li>We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.</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 8% to VND32,500/share, and upgrade our rating from OUTPERFORM to BUY as the share price has decreased 10% in the last three months.Our higher TP is due to the positive impact of (1) rolling forward our TP horizon to end-2026F and (2) a 2% increase in our aggregate earnings forecast for 2025-2029F (respective changes of -3%/1%/2%/2%/4% in 2025/26/27/28/29F).We forecast 2026F earnings growth to accelerate to 27.3% (vs 10.5% in 2025F) due to strong credit growth, resilient top-tier NIM and improving credit costs/recovery income amid favourable macro conditions.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.

MBB [BUY +42.5%] - Stronger Earnings Growth in 2026 Fuels Higher ROE - Update

Kinh Bac City Development Share Holding / Equity Bottom-Up

Kinh Bac City Development Share Holding Corporation operates in the construction and development 
industry. The Company constructs and trades in infrastructure of urban, commercial, and industrial 
areas. Kinh Bac also invests in real estate and manages the maintenance of infrastructure and 
construction of properties.

Kinh Bac City Development Share Holding (KBC VN)

<ul><li>We maintain our BUY rating and raise our target price (TP) by 2% to VND 42,500/share.</li><li>Our higher TP is driven by (1) rolling our valuation horizon to end-2026, (2) incorporating the Q3 2025 book value of the Trump International Hung Yen project, and (3) a higher valuation for Trang Cat UA, partially offset by (4) a higher projected end-2025F net-debt balance.</li><li>We forecast 2025F NPAT-MI to surge 331% YoY to VND1.6tn (USD62mn). </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 maintain our BUY rating and raise our target price (TP) by 2% to VND 42,500/share.Our higher TP is driven by (1) rolling our valuation horizon to end-2026, (2) incorporating the Q3 2025 book value of the Trump International Hung Yen project, and (3) a higher valuation for Trang Cat UA, partially offset by (4) a higher projected end-2025F net-debt balance.We forecast 2025F NPAT-MI to surge 331% YoY to VND1.6tn (USD62mn). 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.

KBC [BUY +21.8%] - Trang Cat UA Launch, Strong IP Backlog to Boost 2026 Earnings - Update