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

PetroVietnam Technical Services / Equity Bottom-Up

<ul><li>In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&amp;C segment.</li><li>Notably, key contributions came from major EPC packages at the Block B – O Mon gas project and the Greater Changhua offshore wind farm.</li><li>NPAT-MI reached VND 332 billion, up 10% YoY, fulfilling 38% of the full-year earnings guidance.</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>

In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&amp;C segment.Notably, key contributions came from major EPC packages at the Block B – O Mon gas project and the Greater Changhua offshore wind farm.NPAT-MI reached VND 332 billion, up 10% YoY, fulfilling 38% of the full-year earnings guidance.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.

PVS - Strong Q1/2025 Results Driven by Key Projects

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

Thematic (Sector/Industry)

<ul><li>Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.</li><li>Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.</li><li>In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. </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>

Credit growth came in slightly below expectations, recording 18.3% YoY in 2025 versus the initial target of 18.9%.Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately at 12.9%.In 2026, credit growth is projected to remain robust at 18.3%, led by corporate lending (+20%) and an acceleration in retail growth to 16.6%, supported by rising mortgage demand as residential projects reach completion. 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)_February 2026

<ul><li>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). </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>

Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). 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)_January 2026

<ul><li>FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.</li><li>The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.</li><li>Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.</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>

FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.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)_October 2025

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify;"><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;">Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US President-elect Donald Trump’s threat of a 60% tariff on Chinese goods raises risks of a new trade war with China.</span></p></li><li>The International Monetary Fund (IMF) projects that if higher tariffs affect a “sizeable swath” of world trade by mid-2025, global output could be reduced by 0.8% in 2025 and by 1.3% in 2026.</li><li>A UBS economist estimates that a 60% tariff on Chinese imports would cut China’s GDP growth by 2.5 percentage points a year later.</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>

Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US President-elect Donald Trump’s threat of a 60% tariff on Chinese goods raises risks of a new trade war with China.The International Monetary Fund (IMF) projects that if higher tariffs affect a “sizeable swath” of world trade by mid-2025, global output could be reduced by 0.8% in 2025 and by 1.3% in 2026.A UBS economist estimates that a 60% tariff on Chinese imports would cut China’s GDP growth by 2.5 percentage points a year later.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.

Oil & Gas Sector Update - Lowering oil price forecasts on increased risks to global trade

Vietnam

PetroVietnam Technical Services Corporation provides technical services for the oil and gas, energy, and industrial sectors, including EPCIC for offshore facilities, FSO/FPSO services, and offshore supply vessels. The company also offers geological surveys, installation, operation, and maintenance of offshore facilities, and port and supply base services. Headquartered in Ho Chi Minh City, Vietnam, the company was founded in 1976.

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PetroVietnam Technical Services (PVS VN)

PVS - Strong Q1/2025 Results Driven by Key Projects

In Q1/2025, PVS posted consolidated revenue of VND 6,014 billion, marking a robust YoY growth of 62%, primarily fueled by the M&C segment.

Rong Viet Securities

Stock recommendations (Vietnam Market)_February 2026

Please change this text!Loan expansion was primarily driven by the corporate segment, which grew 27.9% YoY, while retail loans grew more moderately...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_January 2026

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

Oil & Gas Sector Update - Lowering oil price forecasts on increased risks to global trade

Tougher US trade policies with China and potential retaliation could renew a trade war that weighs on global trade and oil consumption: US...

Vietcap

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