External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We raise GMD’s rating to BUY from OUTPERFORM and lift our target price (TP) by 19% to VND78,200/share.</li><li>In this update, we adopt a single-scenario forecast (vs three previously), as trade uncertainty for Vietnam seems to have eased meaningfully since our last update.</li><li>The higher TP is from 20%/40% valuation uplifts to the consolidated port &amp; logistics business/ GML, respectively, driven by (1) a more positive view on Vietnam’s trade, as the US tariff impact has been milder than expected, driven by Vietnam’s favorable tariff differentials, evidenced by strong Q3 and October trade/throughput data of Vietnam/GMD ports; and (2) rolling our TP to end -2026. </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 raise GMD’s rating to BUY from OUTPERFORM and lift our target price (TP) by 19% to VND78,200/share.In this update, we adopt a single-scenario forecast (vs three previously), as trade uncertainty for Vietnam seems to have eased meaningfully since our last update.The higher TP is from 20%/40% valuation uplifts to the consolidated port &amp; logistics business/ GML, respectively, driven by (1) a more positive view on Vietnam’s trade, as the US tariff impact has been milder than expected, driven by Vietnam’s favorable tariff differentials, evidenced by strong Q3 and October trade/throughput data of Vietnam/GMD ports; and (2) rolling our TP to end -2026. 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.

GMD [BUY +28.4%] - Beneficiary of brightening trade outlook; Attractive valuation - Update

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

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Using the Sum of the parts(SoTP) method, we set a target price of VND 71,000 per share for GMD, with an expected cash dividend of VND 2,000 per share.</li><li>This implies a total expected return of 28%, based on the closing price as of July 21, 2025.</li><li>We recommend a BUY on GMD. </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>

Using the Sum of the parts(SoTP) method, we set a target price of VND 71,000 per share for GMD, with an expected cash dividend of VND 2,000 per share.This implies a total expected return of 28%, based on the closing price as of July 21, 2025.We recommend a BUY on GMD. 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.

GMD - Fire Tests Gold, Adversity Tests Strength

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gemadept Corporation (GMD VN) is a leading logistics corporation in Vietnam, with a system of seaports, warehouses, and depots throughout the country.</li><li>Among them is the GML deep-water port in the Cai Mep – Thi Vai cluster, which is one of the few seaports able to receive vessels of nearly 200,000 DTW.</li><li>In addition, GMD has a portfolio of associates that cooperate in providing complete logistics solutions. nam’s seaport segment, it is well positioned to benefit from the country’s trade growth</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>

Gemadept Corporation (GMD VN) is a leading logistics corporation in Vietnam, with a system of seaports, warehouses, and depots throughout the country.Among them is the GML deep-water port in the Cai Mep – Thi Vai cluster, which is one of the few seaports able to receive vessels of nearly 200,000 DTW.In addition, GMD has a portfolio of associates that cooperate in providing complete logistics solutions. nam’s seaport segment, it is well positioned to benefit from the country’s trade growthContent 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.

Gemadept Corporation (GMD VN) - Core Business Maintains Growth

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Sai Gon Cargo Service  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> is a cargo handling business, majority owned by the <a href="https://www.smartkarma.com/entities/airports-corp-of-vietnam-jsc" target="_blank" data-smartkarma-citation="entities:23702:1" rel="noopener">Airports Corporation Of Viet Nam (ACV VN) and </a><a href="https://www.smartkarma.com/entities/gemadept-corp" target="_blank" data-smartkarma-citation="entities:22695:1" rel="noopener">Gemadept Corp (GMD VN)</a> .  </li>
<li>Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. </li>
<li>We see long-term structural growth drivers with the construction of the <a href="https://en.wikipedia.org/wiki/Long_Thanh_International_Airport" target="_blank" rel="noopener">Long Thanh Airport</a>, and in the short term, we see an impending cargo volume recovery.</li>
</ul>



Sai Gon Cargo Service (SCS VN) is a cargo handling business, majority owned by the Airports Corporation Of Viet Nam (ACV VN) and Gemadept Corp (GMD VN) .  
Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. 
We see long-term structural growth drivers with the construction of the Long Thanh Airport, and in the short term, we see an impending cargo volume recovery.


Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

Thematic (Sector/Industry)

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </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>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. 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

Gemadept Corporation is a shipping company.  The Company's business activities include port operations, 
container liner service, shipping and forwarding agency logistics, project cargo transport, real 
estate, and financial investment.

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Gemadept Corp (GMD VN)

GMD [BUY +28.4%] - Beneficiary of brightening trade outlook; Attractive valuation - Update

In this update, we adopt a single-scenario forecast (vs three previously), as trade uncertainty for Vietnam seems to have eased meaningfully since...

Vietcap

GMD - Fire Tests Gold, Adversity Tests Strength

Using the Sum of the parts(SoTP) method, we set a target price of VND 71,000 per share for GMD, with an expected cash dividend of VND 2,000 per share.

Rong Viet Securities

Gemadept Corporation (GMD VN) - Core Business Maintains Growth

Gemadept Corporation (GMD VN) is a leading logistics corporation in Vietnam, with a system of seaports, warehouses, and depots throughout the country.

Mirae Asset Securities

Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

SCS VN is net cash (16% of market cap), trading at 11x FY24 PE, with >7% dividend yield (assuming 80% payout ratio), >75% EBITDA margins/>70% net...

Sameer Taneja

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

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