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

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Using DCF method and EV/EBITDA comparison method with a ratio of 50:50, we determine the fair price of SAB stock in the next 12 months is VND 48,000, equivalent to the forward P/E &amp; P/B in 2025 of 15.3/2.7 times, respectively.</li><li>Based on the closing price at 13/10/2025, we recommend ACCUMULATE for SAB.</li><li>SAB stock is suitable for investors pursuing an dividend-focused strategy with cash dividends up to 5,000 VND/share a year, equivalent to a dividend yield of 10%.</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.

Using DCF method and EV/EBITDA comparison method with a ratio of 50:50, we determine the fair price of SAB stock in the next 12 months is VND 48,000, equivalent to the forward P/E &amp; P/B in 2025 of 15.3/2.7 times, respectively.Based on the closing price at 13/10/2025, we recommend ACCUMULATE for SAB.SAB stock is suitable for investors pursuing an dividend-focused strategy with cash dividends up to 5,000 VND/share a year, equivalent to a dividend yield of 10%.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.

SAB - Potential for Dividend-Focused Investment Strategies

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a dominant domestic brewer, we used the market-based valuation method to value SAB stock, which includes peers’ current average P/E ratio and 2025 forecast EPS.</li><li>We lower our target price for SAB to VND49,700 (from VND68,400; cash dividend adjusted), equivalent to a P/E ratio of 15.0 (from 21.6), and downgrade to a Hold rating (from Buy).</li><li>In June, the Vietnam National Assembly passed the Special Consumption Tax 2025 law (law No. 66/2025/QH15) with major changes in the special consumption tax rate.</li></ul><div class="content-highlight">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.</div>

As Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a dominant domestic brewer, we used the market-based valuation method to value SAB stock, which includes peers’ current average P/E ratio and 2025 forecast EPS.We lower our target price for SAB to VND49,700 (from VND68,400; cash dividend adjusted), equivalent to a P/E ratio of 15.0 (from 21.6), and downgrade to a Hold rating (from Buy).In June, the Vietnam National Assembly passed the Special Consumption Tax 2025 law (law No. 66/2025/QH15) with major changes in the special consumption tax rate.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.

Saigon Beer - (SAB VN) - Pressure from Macro Factors

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>We cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.</li><li>Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.</li><li>We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update. </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.

We cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update. 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.

SAB [BUY +36.2%] - Sales Volume Recovery from 2026F to Support Earnings Growth

<ul><li>We cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.</li><li>Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.</li><li>We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update.</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.

We cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update.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.

SABECO - SAB [BUY +36.2%] - Sales Volume Recovery from 2026F to Support Earnings Growth

<ul><li>SAB delivered a weak Q1-FY25 result, with net revenue reaching VND 5,811 bn (-34.9% QoQ, -19.1% YoY) and NPAT-MI at VND 793 bn (-20.5% YoY).</li><li>The decline was primarily due to Tet-related sales being concentrated in Q4-FY24, as the 2025 Lunar New Year fell earlier (in January), as well astighter consumer spending on beer driven by Decree 168.</li><li>Additionally, SAB completed the “Sabibeco” transaction, which incurred a one-off financial cost of VND 91 bn.</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.

SAB delivered a weak Q1-FY25 result, with net revenue reaching VND 5,811 bn (-34.9% QoQ, -19.1% YoY) and NPAT-MI at VND 793 bn (-20.5% YoY).The decline was primarily due to Tet-related sales being concentrated in Q4-FY24, as the 2025 Lunar New Year fell earlier (in January), as well astighter consumer spending on beer driven by Decree 168.Additionally, SAB completed the “Sabibeco” transaction, which incurred a one-off financial cost of VND 91 bn.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.

SAB - Highlight from Substantial Cash Dividend

Vietnam

Saigon Beer - Alcohol - Beverage Corporation produces and distributes alcoholic beverages. The Company offers beer, spirits, soda, and other products. Saigon Beer - Alcohol - Beverage serves clients in Vietnam.

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Saigon Beer Alcohol Beverage (SAB VN)

SAB - Potential for Dividend-Focused Investment Strategies

Using DCF method and EV/EBITDA comparison method with a ratio of 50:50, we determine the fair price of SAB stock in the next 12 months is VND...

Rong Viet Securities

Saigon Beer - (SAB VN) - Pressure from Macro Factors

We lower our target price for SAB to VND49,700 (from VND68,400; cash dividend adjusted), equivalent to a P/E ratio of 15.0 (from 21.6), and...

Mirae Asset Securities

SAB [BUY +36.2%] - Sales Volume Recovery from 2026F to Support Earnings Growth

Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by...

Vietcap

SABECO - SAB [BUY +36.2%] - Sales Volume Recovery from 2026F to Support Earnings Growth

We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E...

Vietcap

SAB - Highlight from Substantial Cash Dividend

SAB delivered a weak Q1-FY25 result, with net revenue reaching VND 5,811 bn (-34.9% QoQ, -19.1% YoY) and NPAT-MI at VND 793 bn (-20.5% YoY).

Rong Viet Securities

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