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>SIP recorded positive business results in H1 2026, with net revenue and NPAT -MI reaching VND 4.57 trillion (+12% YoY) and VND 721 billion (+18% YoY), respectively.</li><li>Utility distribution (e lectricity and water ) for industrial parks remains the primary revenue driver, with revenue and gross profit reaching VND 3.68 trillion (+9% YoY) and VND 315 billion (+13% YoY), respectively.</li><li>Revenue from industrial park land and infrastructure leasing was positive , reaching VND 226 billion (+8% YoY) . </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.

SIP recorded positive business results in H1 2026, with net revenue and NPAT -MI reaching VND 4.57 trillion (+12% YoY) and VND 721 billion (+18% YoY), respectively.Utility distribution (e lectricity and water ) for industrial parks remains the primary revenue driver, with revenue and gross profit reaching VND 3.68 trillion (+9% YoY) and VND 315 billion (+13% YoY), respectively.Revenue from industrial park land and infrastructure leasing was positive , reaching VND 226 billion (+8% YoY) . 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.

SIP - Cash Flow Generated from Core Business Operations

External broker reports(aggregated public sources), Vietcap

Vietcap

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<ul><li>We maintain our BUY rating for SIP while cutting our target price (TP) 16% to VND58,900/share.</li><li>Our lower TP reflects higher capex assumptions, the exclusion of the book value of other affiliates and investments from our valuation, and an additional 10% liquidity discount, partly offset by the valuation rollover to mid-2027 and a higher end-Q1 2026 cash balance. </li><li>We cut our respective 2026/27F NPAT-MI forecasts by 6% each year, mainly due to lower residential gross profit projections in a high interest rate environment and higher assumed SG&amp;A expenses.</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 maintain our BUY rating for SIP while cutting our target price (TP) 16% to VND58,900/share.Our lower TP reflects higher capex assumptions, the exclusion of the book value of other affiliates and investments from our valuation, and an additional 10% liquidity discount, partly offset by the valuation rollover to mid-2027 and a higher end-Q1 2026 cash balance. We cut our respective 2026/27F NPAT-MI forecasts by 6% each year, mainly due to lower residential gross profit projections in a high interest rate environment and higher assumed SG&amp;A expenses.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.

SIP [BUY +31.9%] - Recurring Income, Improving IP Land Sales to Sustain Earnings

<ul><li>For Q1/2026, we anticipate a relatively stable financial performance, driven primarily by core business operations (electricity/water supply, IP land leasing) as non - recurring revenue from divestments of long -term investments ceases.</li><li>Q1 revenue and NPAT -MI are projected at VND 2.073 t rillion (+7% YoY) and VND 309 billion ( - 12% YoY), respectively.</li><li>Regarding sales activity, a notable highlight in Q1 is the signing of Memorandums of Understanding (MOUs) with major logistics and warehouse investors (TMS, CJ Korea Logistics, and Sembcorp) at the Loc An Binh Son IP.</li><li>The total lease area amounts to ~20 he ctares, with rental rates holding steady at USD 220/sqm per cycle. </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.

For Q1/2026, we anticipate a relatively stable financial performance, driven primarily by core business operations (electricity/water supply, IP land leasing) as non - recurring revenue from divestments of long -term investments ceases.Q1 revenue and NPAT -MI are projected at VND 2.073 t rillion (+7% YoY) and VND 309 billion ( - 12% YoY), respectively.Regarding sales activity, a notable highlight in Q1 is the signing of Memorandums of Understanding (MOUs) with major logistics and warehouse investors (TMS, CJ Korea Logistics, and Sembcorp) at the Loc An Binh Son IP.The total lease area amounts to ~20 he ctares, with rental rates holding steady at USD 220/sqm per cycle. 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.

SIP - New Contracts Recorded After a Period of Stagnation

<ul><li>We maintain our BUY rating for SIP while cutting our target price by 6% to VND69,800/share, mainly due to lower 2025–28F IP land sales forecasts, partly offset by rolling our target price horizon to end-2026 and stronger residential revenue projections.</li><li>We raise our 2025/26/27F NPAT-MI forecasts by 8%/8%/9%, mainly driven by (1) higher projected utilities services profit given higher-than-expected 9M 2025 results, and (2) a 3.1x increase in our 2025-27F aggregate residential revenue forecasts.</li><li>We forecast 2025F NPAT-MI of VND1.3tn (USD50mn; +12% YoY), with Q4 2025F NPAT-MI of VND307bn (USD11mn; -16% QoQ and -5% YoY), largely due to lower residential revenue and lower net financial income QoQ, and a high Q4 2024 base boosted by one-off financial income.</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 maintain our BUY rating for SIP while cutting our target price by 6% to VND69,800/share, mainly due to lower 2025–28F IP land sales forecasts, partly offset by rolling our target price horizon to end-2026 and stronger residential revenue projections.We raise our 2025/26/27F NPAT-MI forecasts by 8%/8%/9%, mainly driven by (1) higher projected utilities services profit given higher-than-expected 9M 2025 results, and (2) a 3.1x increase in our 2025-27F aggregate residential revenue forecasts.We forecast 2025F NPAT-MI of VND1.3tn (USD50mn; +12% YoY), with Q4 2025F NPAT-MI of VND307bn (USD11mn; -16% QoQ and -5% YoY), largely due to lower residential revenue and lower net financial income QoQ, and a high Q4 2024 base boosted by one-off financial income.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.

SIP [BUY +37.5%] - IP Land Sales to Rebound; Recurring Income to Drive Steady Growth

<ul><li>We have made an initial valuation for SIP stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.</li><li>We estimate the fair value at VND 79,300, equivalent to a projected P/B of 3.5x in 2026.</li><li>SIP is currently managing five large-scale industrial parks in Southern Vietnam, covering a total area of 3,500 hectares. </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 have made an initial valuation for SIP stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.We estimate the fair value at VND 79,300, equivalent to a projected P/B of 3.5x in 2026.SIP is currently managing five large-scale industrial parks in Southern Vietnam, covering a total area of 3,500 hectares. 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 VRG INVESTMENT CORP (SIP) - Leverage from Large-Scale Land Bank and Growing Cash Flow

Vietnam

Saigon VRG Investment Corporation specializes in the development and construction of industrial parks, residential areas, and commercial centers. The company provides industrial land, ready-built factories, and warehouses for lease, alongside utility services like electricity and water distribution. Saigon VRG Investment Corporation was incorporated in 2007 and is headquartered in Ho Chi Minh City, Vietnam.

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Saigon VRG Investment (SIP VN)

SIP - Cash Flow Generated from Core Business Operations

SIP recorded positive business results in H1 2026, with net revenue and NPAT -MI reaching VND 4.57 trillion (+12% YoY) and VND 721 billion (+18%...

Rong Viet Securities

SIP [BUY +31.9%] - Recurring Income, Improving IP Land Sales to Sustain Earnings

We maintain our BUY rating for SIP while cutting our target price (TP) 16% to VND58,900/share.Our lower TP reflects higher capex assumptions...

Vietcap

SIP - New Contracts Recorded After a Period of Stagnation

For Q1/2026, we anticipate a relatively stable financial performance, driven primarily by core business operations (electricity/water supply, IP...

Rong Viet Securities

SIP [BUY +37.5%] - IP Land Sales to Rebound; Recurring Income to Drive Steady Growth

We maintain our BUY rating for SIP while cutting our target price by 6% to VND69,800/share, mainly due to lower 2025–28F IP land sales forecast...

Vietcap

SAIGON VRG INVESTMENT CORP (SIP) - Leverage from Large-Scale Land Bank and Growing Cash Flow

We have made an initial valuation for SIP stock. In our conservative view, the current share price does not fully reflect the long-term growth...

Rong Viet Securities

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