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External broker reports(aggregated public sources)

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Equity Bottom-Up

Vanguard FTSE Developed Market / Equity Bottom-Up

<ul><li>We maintain our MARKET PERFORM rating and cut our target price (TP) by 27% to VND30,800/share.</li><li>We decrease our aggregate 2025F-29F NPAT-MI forecast by 14% (respective changes of 5%/0%/-14%/-24%/-29% for 2025F/26F/27F/28F/29F NPAT-MI). </li><li>We project respective CAGRs of 2%/-9% for Vietnam’s passenger car and ICE motorbike market sales volumes in 2025F-29F, while rolling our TP horizon forward to end-2026 and lowering our terminal growth assumption from 5% to 1.5%, reflecting upcoming headwinds from tighter green-transition regulations and intensifying EV competition led by VinFast.</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 maintain our MARKET PERFORM rating and cut our target price (TP) by 27% to VND30,800/share.We decrease our aggregate 2025F-29F NPAT-MI forecast by 14% (respective changes of 5%/0%/-14%/-24%/-29% for 2025F/26F/27F/28F/29F NPAT-MI). We project respective CAGRs of 2%/-9% for Vietnam’s passenger car and ICE motorbike market sales volumes in 2025F-29F, while rolling our TP horizon forward to end-2026 and lowering our terminal growth assumption from 5% to 1.5%, reflecting upcoming headwinds from tighter green-transition regulations and intensifying EV competition led by VinFast.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.

VEA [MARKET PERFORM -9.8%] - Associate Profits Pressured by Upcoming Market Headwinds

United States

Vanguard FTSE Developed Markets ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the FTSE Developed All Cap ex US Index. The ETF holds large-, mid-, small-cap companies located in Canada and the major markets of Europe and Pacific Region.

Vanguard FTSE Developed Market (VEA US)

VEA [MARKET PERFORM -9.8%] - Associate Profits Pressured by Upcoming Market Headwinds

We maintain our MARKET PERFORM rating and cut our target price (TP) by 27% to VND30,800/share. We decrease our aggregate 2025F-29F NPAT-MI forecast...

Vietcap