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

Mirae Asset Securities

External broker reports(aggregated public sources)

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>As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</li><li>GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. </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>

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012. PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.GAS will pay a FY23 cash dividend of 20% and stock dividend of 20%, increasing the outstanding shares to 2.29bn and marking the first time GAS has raised its charter capital since being listed. 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)_August 2023

<ul><li>As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012.</li><li>PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</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>

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012.PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.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) - June 2023

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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.

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><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>

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

<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"><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>

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><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 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

Vietnam

Saigon Beer Alcohol Beverage Corporation (SABECO) is Vietnam's leading producer of beer and beverages, holding a dominant market share in the country's beer industry. The company specializes in manufacturing and distributing a wide range of beers and beverages, including flagship brands like Bia Saigon and 333 Beer, and also provides warehousing, logistics, and real estate services. SABECO is headquartered in Ho Chi Minh City, Vietnam, and was founded in 1875.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Saigon Beer Alcohol Beverage (SAB VN)

Stock Recommendations (Vietnam Market)_August 2023

As a member of the Vietnam National Oil and Gas Group, the PV Gas Company was founded in 1990, with the mission of extracting, shipping,...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - June 2023

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing,...

Mirae Asset Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)