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>The company's valuation is attractive compared to the industry and its own 5-year average, given that long-term growth prospects remain intact.</li><li>Specifically, thanks to improved export volumes of pangasius and tilapia as the company aggressively expands into Brazil and the US, while reducing the proportion of exports to low-margin markets like China, the revenue CAGR is projected to reach 9% for the 2026E–2030F period.</li><li>NPAT-MI is expected to return to its peak (the 2025 outlier) by 2030, corresponding to a 10% CAGR for the 2027F–2030F period (with 2026E expected to be a trough year).</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>

The company's valuation is attractive compared to the industry and its own 5-year average, given that long-term growth prospects remain intact.Specifically, thanks to improved export volumes of pangasius and tilapia as the company aggressively expands into Brazil and the US, while reducing the proportion of exports to low-margin markets like China, the revenue CAGR is projected to reach 9% for the 2026E–2030F period.NPAT-MI is expected to return to its peak (the 2025 outlier) by 2030, corresponding to a 10% CAGR for the 2027F–2030F period (with 2026E expected to be a trough year).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.

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>Vietnam pangasius and tilapia exports continued growing in 1Q26, with export values at US$513mn (+1% YoY) and US$38mn (+174% YoY).</li><li>China and Hong Kong (around 28% of total exports) were the leading pangasius market, while Brazil and the US (around 70%) were the major Vietnam tilapia customers.</li><li>Demand in key whitefish markets like China and the US remained high, which drove up prices. </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>

Vietnam pangasius and tilapia exports continued growing in 1Q26, with export values at US$513mn (+1% YoY) and US$38mn (+174% YoY).China and Hong Kong (around 28% of total exports) were the leading pangasius market, while Brazil and the US (around 70%) were the major Vietnam tilapia customers.Demand in key whitefish markets like China and the US remained high, which drove up 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.

Nam Viet Corporation (ANV VN) - Revenue Growth with Lower Gross Margin

Thematic (Sector/Industry)

<ul><li>Vietnam's pangasius exports maintain steady momentum: In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).</li><li>In July, export value reached US$203mn (+4% YoY), indicating sustained market demand despite a slight slowdown in growth.</li><li>Input prices and costs: Although the global oil and gas prices remained high, prices of input materials in pangasius sector either fell sharply or just increased slightly. </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>

Vietnam's pangasius exports maintain steady momentum: In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).In July, export value reached US$203mn (+4% YoY), indicating sustained market demand despite a slight slowdown in growth.Input prices and costs: Although the global oil and gas prices remained high, prices of input materials in pangasius sector either fell sharply or just increased slightly. 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 Pangasius Sector (Neutral) - Continuous hurdles

<ul><li>We maintain a favourable outlook for Vietnamese pangasius exports in 2026, driven by economic growth in key markets.</li><li>However, inflation concerns, market divergence and intensifying competition are expected to pose challenges for exporters.</li><li>Thus, we recommend a Neutral rating on the Vietnam Pangasius Sector.</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 maintain a favourable outlook for Vietnamese pangasius exports in 2026, driven by economic growth in key markets.However, inflation concerns, market divergence and intensifying competition are expected to pose challenges for exporters.Thus, we recommend a Neutral rating on the Vietnam Pangasius Sector.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 Pangasius Sector (Neutral) - Headwinds Ahead

Vietnam

Nam Viet Corporation, also known as Navico, is a Vietnam-based company primarily engaged in aquaculture and the processing and export of pangasius products, including fresh and value-added fish. The company also manufactures fish oil, fish powder, and aqua feeds. Nam Viet Corp. was founded in 1993 and is headquartered in Long Xuyen, Vietnam.

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Nam Viet (ANV VN)

ANV - Slowing down after the 2025 peak

The company's valuation is attractive compared to the industry and its own 5-year average, given that long-term growth prospects remain intact.

Rong Viet Securities

Nam Viet Corporation (ANV VN) - Revenue Growth with Lower Gross Margin

Vietnam pangasius and tilapia exports continued growing in 1Q26, with export values at US$513mn (+1% YoY) and US$38mn (+174% YoY).

Mirae Asset Securities

Vietnam Pangasius Sector (Neutral) - Continuous hurdles

In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).

Mirae Asset Securities

Vietnam Pangasius Sector (Neutral) - Headwinds Ahead

However, inflation concerns, market divergence and intensifying competition are expected to pose challenges for exporters. Thus, we recommend a...

Mirae Asset Securities

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