External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>We increase our target price (TP) by 3% and reiterate our BUY rating.</li><li>Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.</li><li>We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.</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 3% and reiterate our BUY rating.Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.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.

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

<ul><li>We increase our target price (TP) by 11% and upgrade our rating to BUY from OUTPERFORM.</li><li>Our higher TP is mainly due to (1) rolling our TP horizon to mid-2026 from mid-2025 and (2) using 2025F net debt (vs LQ previously) to partly capture capex disbursement for Giao Long 3 (GL3) from Q4 2025F, partly offset by (3) our 17% lower aggregate 2024-26F EBITDA.</li><li>We lower our 2025F/26F/27F NPAT-MI forecasts by 12%/24%/55% on a more moderate GPM expansion forecast and the delayed GL3 operation to H2 2027 vs early 2027 previously.</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 11% and upgrade our rating to BUY from OUTPERFORM.Our higher TP is mainly due to (1) rolling our TP horizon to mid-2026 from mid-2025 and (2) using 2025F net debt (vs LQ previously) to partly capture capex disbursement for Giao Long 3 (GL3) from Q4 2025F, partly offset by (3) our 17% lower aggregate 2024-26F EBITDA.We lower our 2025F/26F/27F NPAT-MI forecasts by 12%/24%/55% on a more moderate GPM expansion forecast and the delayed GL3 operation to H2 2027 vs early 2027 previously.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.

Dong Hai Ben Tre (DHC) - Price Spread to Widen in H2 2025; GL3’s Construction in Q4

Vietnam

Dong Hai Joint Stock Company of Ben Tre manufactures, sells, and trades in pulp, kraft paper, paper board, and carton packaging products in Vietnam. The company offers 3 layers and 5 layers carton packages and boxes. The company was founded in 1994 and is headquartered in Chau Thanh, Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dong Hai Ben Tre (DHC VN)

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.

Vietcap

Dong Hai Ben Tre (DHC) - Price Spread to Widen in H2 2025; GL3’s Construction in Q4

We lower our forecast GPM to 15.2%/15.8%/14.3% in 2025F/26F/27F vs 15.1%/16.9%/18.4% previously, mainly due to a softer ASP improvement projection.

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)