External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<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.

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

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

Rong Viet Securities

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<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><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>

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

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>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The corporation has an extensive domestic distribution system via subsidiaries throughout the country.</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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The corporation has an extensive domestic distribution system via subsidiaries throughout the country.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 - Alcohol - Beverage Corporation (SAB VN) - Maintaining Growth in Hard Times

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country.</li></ul><p></p><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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the country.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 - Alcohol - Beverage Corporation  - Profits Rise on Cost Cuts

<ul><li>Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.</li><li>With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.</li><li>The company has an extensive domestic distribution system via subsidiaries throughout the country</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>

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.With a nearly 150-year history, SAB possesses a number of strong brands, such as Saigon Special, 333, and Saigon Lager.The company has an extensive domestic distribution system via subsidiaries throughout the countryContent 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 - Beverage Corporation - Still Under Pressure

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.

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Saigon Beer Alcohol Beverage (SAB VN)

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

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) - Maintaining Growth in Hard Times

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second-largest domestic market share.

Mirae Asset Securities

Saigon Beer - Alcohol - Beverage Corporation - Profits Rise on Cost Cuts

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest domestic market share.

Mirae Asset Securities

Saigon Beer - Beverage Corporation - Still Under Pressure

Please change this text!Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a leading beverage corporation in Vietnam, with the second largest...

Mirae Asset Securities

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