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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).</li><li>This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.</li><li>However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.</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.

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.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.

VIETNAM DAIRY PRODUCTS JSC (VNM) - Progressively Stabilizing with The "New GT Framework"

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

<ul><li>For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.</li><li>Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.</li><li>At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.</li></ul><div class="content-highlight">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.</div>

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.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 - Record Quarterly Revenue

<ul><li>VNM’s Q1-2025 earnings were below our expectations, with net sales at VND 12,935 bn (-8.3% YoY) and NPAT-MI at VND 1,569 bn (-28.5% YoY).</li><li>The shortfall was driven by a sharp drop in domestic sales caused bythe short-term impact of GT channel restructuring, and margin compression.</li><li>Whole milk powder prices surged to a twoyear high while sales discount expenses remained unchanged despite the revenue decline.</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.

VNM’s Q1-2025 earnings were below our expectations, with net sales at VND 12,935 bn (-8.3% YoY) and NPAT-MI at VND 1,569 bn (-28.5% YoY).The shortfall was driven by a sharp drop in domestic sales caused bythe short-term impact of GT channel restructuring, and margin compression.Whole milk powder prices surged to a twoyear high while sales discount expenses remained unchanged despite the revenue decline.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 - Looking to The "New GT Shirt" To Help Regain Market Share

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baf-vietnam-agriculture-joint-stock-company" target="_blank" data-smartkarma-citation="entities:45291" rel="noopener">BAF Vietnam Agriculture (BAF VN)</a> will be added to the MarketVector Vietnam Local Index at the close on 20 June.</li>
<li>Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.</li>
<li>
<a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a> and <a href="https://www.smartkarma.com/entities/vinhomes-jsc" target="_blank" data-smartkarma-citation="entities:27079:1" rel="noopener">Vinhomes (VHM VN)</a> stock prices have soared over the last few months and capping results in selling at this rebalance.</li>
</ul>



BAF Vietnam Agriculture (BAF VN) will be added to the MarketVector Vietnam Local Index at the close on 20 June.
Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.

Vingroup Jsc (VIC VN) and Vinhomes (VHM VN) stock prices have soared over the last few months and capping results in selling at this rebalance.


MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s 77.8%-held <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group (DFI SP)</a> has sold its entire 22.2% stake in <a href="https://www.smartkarma.com/entities/robinsons-retail-holdings-inc" target="_blank" data-smartkarma-citation="entities:10598:1" rel="noopener">Robinsons Retail Holdings (RRHI PM)</a> for ~US$283mn to "support its capital allocation strategy".</li>
<li>Preceding my comments on Matheson are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Jardine Matheson (JM SP)'s 77.8%-held DFI Retail Group (DFI SP) has sold its entire 22.2% stake in Robinsons Retail Holdings (RRHI PM) for ~US$283mn to "support its capital allocation strategy".
Preceding my comments on Matheson are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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)

VIETNAM DAIRY PRODUCTS JSC (VNM) - Progressively Stabilizing with The "New GT Framework"

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn...

Rong Viet Securities

Viet Nam Dairy Products JSC - Record Quarterly Revenue

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a...

Mirae Asset Securities

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

One add and large capping changes result in one-way turnover of 9% and a round-trip trade of US$74m. Vingroup and Vinhomes stock prices have soared...

Brian Freitas

StubWorld: DFI Exits Robinson Retail

Often it pays to invest where the Keswick invest - or Matheson. At the NAV ave., and below the implied stub ave,, that 's my bet. Outright, or set...

David Blennerhassett

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