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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Business results declined compared to the same period in 2024 but showed recovery from the previous quarter.</li><li>Specifically, net revenue and NPAT-M1 were VND 3,977 billion (-3% YoY, -1% QoQ) and VND 63 billion (-34% YoY, +194% QoQ), respectively. </li><li>Stable sales volume comapred to the same period last year, reaching 197 thousand tons (-3% YoY), GDA shifted its order allocations towards domestic market, this achieved a domestic sales volume of 117 thousand tons (+86% YoY, +20% QoQ), securing the second-largest market share.</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.

Business results declined compared to the same period in 2024 but showed recovery from the previous quarter.Specifically, net revenue and NPAT-M1 were VND 3,977 billion (-3% YoY, -1% QoQ) and VND 63 billion (-34% YoY, +194% QoQ), respectively. Stable sales volume comapred to the same period last year, reaching 197 thousand tons (-3% YoY), GDA shifted its order allocations towards domestic market, this achieved a domestic sales volume of 117 thousand tons (+86% YoY, +20% QoQ), securing the second-largest market share.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.

GDA - Domestic Market to Support Sales Output

<ul><li>With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG).</li><li>In particular, the domestic market share continuously maintained at the 2nd position in the period 2016-2023 with an average market share of 15%</li><li>In the period 2025-2029, for the galvanized steel market, we believe that the domestic market will lead the growth with a growth rate of 10%/year (expecting the real estate market to recover and the demand for construction materials). </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.

With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG).In particular, the domestic market share continuously maintained at the 2nd position in the period 2016-2023 with an average market share of 15%In the period 2025-2029, for the galvanized steel market, we believe that the domestic market will lead the growth with a growth rate of 10%/year (expecting the real estate market to recover and the demand for construction materials). 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.

GDA - Attractive Valuation & Potential from New Factory

<ul><li>We have made an initial valuation for GDA 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 38,700, equivalent to a projected P/B of 1.1x in 2025. </li><li>The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). </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 GDA 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 38,700, equivalent to a projected P/B of 1.1x in 2025. The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). 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.

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GDA - Domestic Market to Support Sales Output

Business results declined compared to the same period in 2024 but showed recovery from the previous quarter. Specifically, net revenue and NPAT-M1...

Rong Viet Securities

GDA - Attractive Valuation & Potential from New Factory

In particular, the domestic market share continuously maintained at the 2nd position in the period 2016-2023 with an average market share of 15%

Rong Viet Securities

GDA - Attractive Valuation & Potential from New Factory

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

Rong Viet Securities

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