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

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Equity Bottom-Up

<ul><li>VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).</li><li>The outperformance was driven by solid revenue growth across all segments, favorable input costs, and improved effectiveness of sales support campaigns.</li><li>Specifically, gross margin reached 43.5% (+83bps QoQ, +170bps YoY), higher than our 42.9% forecast, thanks to milk powder prices declining approximately 20.8% YoY, lower unit production costs amid stronger-than-expected sales volume, and a clearer pass-through of selling price increases. </li></ul><p><em>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.</em></p>

VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).The outperformance was driven by solid revenue growth across all segments, favorable input costs, and improved effectiveness of sales support campaigns.Specifically, gross margin reached 43.5% (+83bps QoQ, +170bps YoY), higher than our 42.9% forecast, thanks to milk powder prices declining approximately 20.8% YoY, lower unit production costs amid stronger-than-expected sales volume, and a clearer pass-through of selling price increases. 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.

VNM - Heading toward a new profit milestone

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </li></ul><div class="content-highlight"><em>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.</em></div>

VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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.

Stock recommendations (Vietnam Market)_Oct 2026

<ul><li>For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.</li><li>Thus, we maintain our target price of VND76,800 and Buy rating for VNM.</li><li>By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.</li></ul><div class="content-highlight"><em>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.</em></div>

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.Thus, we maintain our target price of VND76,800 and Buy rating for VNM.By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.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.

Viet Nam Dairy Products JSC (VNM VN) - Domestic Market: Continued Improvement

<ul><li>For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%</li><li>2) a terminal growth rate after 2036 of 2%.</li><li>Thus, we maintain our target price of VND76,800 and Trading Buy rating.</li></ul><div class="content-highlight"><em>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.</em></div>

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%2) a terminal growth rate after 2036 of 2%.Thus, we maintain our target price of VND76,800 and Trading Buy rating.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.

Viet Nam Dairy Products JSC (VNM VN) - Signs of Improvement in Domestic Market

Stock recommendations (Vietnam Market)_Sep 2026

Vietnam

Vinamilk, formally Vietnam Dairy Products Joint Stock Company, is Vietnam's largest dairy company, specializing in the production and distribution of a wide range of dairy products including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and infant cereal. The company also offers soy drinks, fruit juices, and tea. Vinamilk's headquarters are in Ho Chi Minh City, Vietnam, and it was established in 1976.

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Vinamilk (VNM VN)

VNM - Heading toward a new profit milestone

VNM’s Q2-2026 results exceeded our expectation by 16%, with net revenue reaching VND 18,847 bn (+12.5% YoY) and NPAT-MI of VND 3,167 bn (+28.0% YoY).

Rong Viet Securities

Stock recommendations (Vietnam Market)_Oct 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

Viet Nam Dairy Products JSC (VNM VN) - Domestic Market: Continued Improvement

By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.

Mirae Asset Securities

Viet Nam Dairy Products JSC (VNM VN) - Signs of Improvement in Domestic Market

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_Sep 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

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