External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.</li><li>Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.</li><li>This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 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 reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 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.

HPG [BUY +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds

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>When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery.</li><li>Policy support remained broadly constructive, driven by accelerating public capex, a recovering residential construction pipeline, and a structural shift from imported Chinese HRC toward domestic supply.</li><li>While elements of this thesis have been operative, 4Q25 had its own surprises. </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>

When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery.Policy support remained broadly constructive, driven by accelerating public capex, a recovering residential construction pipeline, and a structural shift from imported Chinese HRC toward domestic supply.While elements of this thesis have been operative, 4Q25 had its own surprises. 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.

Hoa Phat Group JSC (HPG VN) - Lock, Stock and Barrel

Thematic (Sector/Industry)

<ul><li>VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.</li><li>Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.</li><li>Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. </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>

VCB’s balance sheet continued to expand in 1H26, driven mainly by liquidity rather than lending.Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.Customer deposits grew 3.4% YTD, while CASA declined 1.0% in absolute terms and its weight fell by 1.5%p to 33.9%. 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)_Sep 2026

<ul><li>We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.</li><li>Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.</li><li>The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.</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 reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share.Our TP revision reflects 2-3% p.a. cuts to our 2026–30F NPAT-MI forecasts, driven mainly by corresponding 2–3% p.a. cuts in steel NPAT-MI, which are offset by rolling our TP to end-2026.The cuts to steel NPAT-MI mainly stem from our trim to construction steel revenue, following weaker-than-expected 9M results. HRC forecasts are largely unchanged.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.

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook

<ul><li>The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.</li><li>Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.</li><li>Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. </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>

The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. 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

Hoa Phat Group is a leading industrial manufacturing group in Vietnam, primarily specializing in iron and steel production, including construction steel, hot rolled coil, steel pipes, and galvanized steel. The group also diversifies into agriculture, real estate, and home appliances. Founded in August 1992 as a construction machine and equipment trading company, Hoa Phat Group is headquartered in Hanoi, Vietnam.

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Hoa Phat Group (HPG VN)

HPG [BUY +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds

Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.

Vietcap

Hoa Phat Group JSC (HPG VN) - Lock, Stock and Barrel

When assessing HPG’s 2025 performance, the central consideration was the pace of volume growth and price recovery. Policy support remained broadly...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_Sep 2026

Customer loans increased by 4.8% YTD, trailing total-asset growth of 8.8%, as interbank balances rose 18.9% and deposits at the SBV surged 95.1%.

Mirae Asset Securities

HPG [BUY +38.0%] - Local, Global Tailwinds Support Solid Outlook

We reiterate our BUY rating for HPG and keep our target price (TP) broadly unchanged at VND35,700/share. Our TP revision reflects 2-3% p.a. cuts to...

Vietcap

ETFs Monitor in 3Q26

Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.

Mirae Asset Securities

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