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

Mirae Asset Securities

External broker reports(aggregated public sources)

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>As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012.</li><li>PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</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>

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012.PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.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) - May 2023

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

Rong Viet Securities

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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><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 Q2-2025 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"

<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"><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 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><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 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

<ul><li>We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.</li><li>Efforts to revamp product portfolios and increase discounts, implying the sacrifice of profit margins, have yet to brighter results</li><li>The core market (domestic dairy) has entered a saturation phase, with annual sales growth of 1-3% (volume expansion is limited due to a sharp decline in birth rates, capped milk spending, and growth mainly driven by pricing relative to a trend toward premium, health-focused consumption)</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>

We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.Efforts to revamp product portfolios and increase discounts, implying the sacrifice of profit margins, have yet to brighter resultsThe core market (domestic dairy) has entered a saturation phase, with annual sales growth of 1-3% (volume expansion is limited due to a sharp decline in birth rates, capped milk spending, and growth mainly driven by pricing relative to a trend toward premium, health-focused consumption)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 - The Big Boat Strives to Conquer Mighty Waves

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)

Stock Recommendations (Vietnam Market) - May 2023

The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.

Mirae Asset Securities

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

VNM - The Big Boat Strives to Conquer Mighty Waves

We observe that VNM’s business performance growth has stagnated since Covid-19, with its market share declining amid a gloomy domestic dairy market.

Rong Viet Securities

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