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Equity Bottom-Up

Hang Xanh Motors Service Jsc / Equity Bottom-Up

<ul><li>Net revenue reached VND 1,029 bn (-8.3% YoY), notably below projections, driven entirely by MBZ segment decline (-45.0% YoY) – a dual impact from weakened luxury car market share in Vietnam and HAX’s own MBZ distribution share.</li><li> A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn. </li><li>NPAT-MI recorded a loss of VND 4.4 bn (first since Covid-19, worse than expected VND 20-24 bn gain). </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.

Net revenue reached VND 1,029 bn (-8.3% YoY), notably below projections, driven entirely by MBZ segment decline (-45.0% YoY) – a dual impact from weakened luxury car market share in Vietnam and HAX’s own MBZ distribution share. A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn. NPAT-MI recorded a loss of VND 4.4 bn (first since Covid-19, worse than expected VND 20-24 bn gain). 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>Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY) — a result of both the weakening market share of Mercedes-Benz in Vietnam and HAX’s own distribution share.</li><li>A bright spot came from strong MG growth (+27.4% YoY), driven by aggressive dealership expansion (5 out of 15 new dealerships opened this quarter), though not enough to offset the overall decline in MBZ.</li><li>NPAT-MI reached only VND 5.0 bn (-76.9% YoY). HAX launched 5 out of its planned 15 MG dealerships nationwide in Q1-FY25, accompanied by aggressive demand-stimulating strategies such as price discounts (gross margin down 218bps YoY), increased advertising, and dealer incentives.</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.

Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY) — a result of both the weakening market share of Mercedes-Benz in Vietnam and HAX’s own distribution share.A bright spot came from strong MG growth (+27.4% YoY), driven by aggressive dealership expansion (5 out of 15 new dealerships opened this quarter), though not enough to offset the overall decline in MBZ.NPAT-MI reached only VND 5.0 bn (-76.9% YoY). HAX launched 5 out of its planned 15 MG dealerships nationwide in Q1-FY25, accompanied by aggressive demand-stimulating strategies such as price discounts (gross margin down 218bps YoY), increased advertising, and dealer incentives.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.

HAX - MG Development and Land Transaction Are the Key Focus in H2-2025

<ul><li>Amid the subdued landscape of the auto sector post-Covid-19, HAX has identified MG as a "beacon" to re-enter the growth phase lost from MBZ in 2024.</li><li>However, the gradual decline in benefits derived from MG is expected to slow HAX's NPAT growth momentum over time.</li><li>The luxury car market has remained subdued since Covid-19, driven by domestic economic factors such as disposable income, consumer confidence, related taxes and fees, and transportation infrastructure, which have yet to see significant improvements.</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.

Amid the subdued landscape of the auto sector post-Covid-19, HAX has identified MG as a "beacon" to re-enter the growth phase lost from MBZ in 2024.However, the gradual decline in benefits derived from MG is expected to slow HAX's NPAT growth momentum over time.The luxury car market has remained subdued since Covid-19, driven by domestic economic factors such as disposable income, consumer confidence, related taxes and fees, and transportation infrastructure, which have yet to see significant improvements.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.

HAX - Regaining Growth Momentum with a Boost from MG

<ul><li>Q4 2021 sales reached the peak producing a negative growth rate for Q4 2022 sales.</li><li>We suppose that a lack of inventory is another main reason for lower sales in Q4 2022.</li><li>HAX's inventories went down continuously during the quarters since Q3 2021 and remained at the low level during the first three quarters of 2022.</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.

Q4 2021 sales reached the peak producing a negative growth rate for Q4 2022 sales.We suppose that a lack of inventory is another main reason for lower sales in Q4 2022.HAX's inventories went down continuously during the quarters since Q3 2021 and remained at the low level during the first three quarters of 2022.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.

HAX ­- On the way to strengthen its market share

Although Mercedes-Benz car sales saw a slowdown (+4% versus the average growth rate of 20%-30%), we still believe that the luxury car segment in Vietnam as ample room to grow due to the rapid growth of the middle class. Aggressive expansion plans by Daimler, which aim to raise the number of dealerships from the current 14 to 20 by 2020, also indicate the German company’s confidence in the market. We expect HAX will be able to expand its current network by 1 or 2 more dealerships in 2018. Based on…

Although Mercedes-Benz car sales saw a slowdown (+4% versus the average growth rate of 20%-30%), we still believe that the luxury car segment in Vietnam as ample room to grow due to the rapid growth of the middle class. Aggressive expansion plans by Daimler, which aim to raise the number of dealerships from the current 14 to 20 by 2020, also indicate the German company’s confidence in the market. We expect HAX will be able to expand its current network by 1 or 2 more dealerships in 2018. Based on…

Vietnam

Hang Xanh Motors Service JSC retails automobiles.

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Hang Xanh Motors Service Jsc (HAX VN)

HAX - Big Challenges Still Lie Ahead

A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn.

Rong Viet Securities

HAX - MG Development and Land Transaction Are the Key Focus in H2-2025

Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY)

Rong Viet Securities

HAX - Regaining Growth Momentum with a Boost from MG

Amid the subdued landscape of the auto sector post-Covid-19, HAX has identified MG as a "beacon" to re-enter the growth phase lost from MBZ in 2024.

Rong Viet Securities

HAX - Slowdown Is Temporary

Although Mercedes-Benz car sales saw a slowdown (+4% versus the average growth rate of 20%-30%), we still believe that the luxury car segment in...

Rong Viet Securities

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HAX - Big Challenges Still Lie Ahead

A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn.

Rong Viet Securities

HAX - MG Development and Land Transaction Are the Key Focus in H2-2025

Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY)

Rong Viet Securities

HAX - Regaining Growth Momentum with a Boost from MG

Amid the subdued landscape of the auto sector post-Covid-19, HAX has identified MG as a "beacon" to re-enter the growth phase lost from MBZ in 2024.

Rong Viet Securities

HAX ­- On the way to strengthen its market share

Q4 2021 sales reached the peak producing a negative growth rate for Q4 2022 sales. We suppose that a lack of inventory is another main reason for...

Rong Viet Securities

HAX - Slowdown Is Temporary

Although Mercedes-Benz car sales saw a slowdown (+4% versus the average growth rate of 20%-30%), we still believe that the luxury car segment in...

Rong Viet Securities

HAX - On the way to strengthen its market share