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>GEG's power output in Q4/2025 is estimated at 343 million kWh (+2% YoY, -12% QoQ).</li><li>Of which, the hydropower’s output rose by 19% YoY thanks to favorable hydrological conditions.</li><li>While wind and solar power generation decreased by 5% and 13% YoY, respectively, due to weaker radiation conditions and wind speed compared to Q4/2024. </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>

GEG's power output in Q4/2025 is estimated at 343 million kWh (+2% YoY, -12% QoQ).Of which, the hydropower’s output rose by 19% YoY thanks to favorable hydrological conditions.While wind and solar power generation decreased by 5% and 13% YoY, respectively, due to weaker radiation conditions and wind speed compared to Q4/2024. 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.

<ul><li>Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.</li><li>Accordingly, we maintain a BUY recommendation on GEG.</li><li>In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. </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 a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.Accordingly, we maintain a BUY recommendation on GEG.In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. 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.

GEG - Growth Potential Comes from Expanding Renewable Energy Capacity

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>Gia Lai Electricity JSC (GEG) reported consolidated revenue of VND2,408bn (+36% YoY) and NPATMI of VND619bn (+641% YoY).</li><li>Gross profit margin expanded significantly to 59% in 9M25 (from 49% in 9M24).</li><li>Total electricity output and revenue reached 998mn kWh (-1% YoY) and VND2,364bn (+34% YoY), respectively.</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>

Gia Lai Electricity JSC (GEG) reported consolidated revenue of VND2,408bn (+36% YoY) and NPATMI of VND619bn (+641% YoY).Gross profit margin expanded significantly to 59% in 9M25 (from 49% in 9M24).Total electricity output and revenue reached 998mn kWh (-1% YoY) and VND2,364bn (+34% YoY), respectively.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.

Gia Lai Electricity JSC (GEG VN) - Maintain - Solid Growth Driven by Wind and Hydropower

Thematic (Sector/Industry)

<ul><li>We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility.</li><li>According to NOAA’s March 2026 update, climate conditions are likely to shift from La Niña to El Niño in 2H26, with the probability of El Niño rising to 70%, higher than the sub-60% estimate in February.</li><li>This implies less favorable hydrological conditions, which could weigh on hydropower output. </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>

We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility.According to NOAA’s March 2026 update, climate conditions are likely to shift from La Niña to El Niño in 2H26, with the probability of El Niño rising to 70%, higher than the sub-60% estimate in February.This implies less favorable hydrological conditions, which could weigh on hydropower output. 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.

Electric Utility Sector (Neutral) - From Demand Boom to Energy Transition

<ul><li>According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May 2026.</li><li>This suggests that hydropower plants will benefit from favorable weather patterns, enabling higher mobilization from EVN and stronger business results in FY25.</li><li>By contrast, coal- and gas-fired thermal plants are expected to face reduced mobilization under these conditions. </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>

According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May 2026.This suggests that hydropower plants will benefit from favorable weather patterns, enabling higher mobilization from EVN and stronger business results in FY25.By contrast, coal- and gas-fired thermal plants are expected to face reduced mobilization under these conditions. 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 Electricity Sector (Neutral) - Policy Reforms Drive New Growth Cycle

Vietnam

Gia Lai Electricity produces, transmits, and distributes electricity in Vietnam, primarily through the operation and management of hydro, solar, and wind power plants. The company is also involved in the construction of power infrastructure, consulting services, and the production of concrete and cement products. It was founded in 1989 and is headquartered in Pleiku, Vietnam.

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Gia Lai Electricity (GEG VN)

GEG - Towards sustainable growth

While wind and solar power generation decreased by 5% and 13% YoY, respectively, due to weaker radiation conditions and wind speed compared to Q4...

Rong Viet Securities

GEG - Growth Potential Comes from Expanding Renewable Energy Capacity

Accordingly, we maintain a BUY recommendation on GEG. In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices.

Rong Viet Securities

Gia Lai Electricity JSC (GEG VN) - Maintain - Solid Growth Driven by Wind and Hydropower

Gia Lai Electricity JSC (GEG) reported consolidated revenue of VND2,408bn (+36% YoY) and NPATMI of VND619bn (+641% YoY).

Mirae Asset Securities

Electric Utility Sector (Neutral) - From Demand Boom to Energy Transition

We expect Vietnam’s power sector outlook in 2026 to be significantly shaped by weather dynamics and energy price volatility. According to NOAA’s...

Mirae Asset Securities

Vietnam Electricity Sector (Neutral) - Policy Reforms Drive New Growth Cycle

According to NOAA (August), the likelihood of La Niña conditions remains higher than El Niño through the forecast horizon from August 2025 to May...

Mirae Asset Securities

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