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

Equity Bottom-Up

<ul><li>For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.</li><li>Thus, we maintain our target price of VND76,800 and Buy rating for VNM.</li><li>By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.</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>

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2036 of 2%.Thus, we maintain our target price of VND76,800 and Buy rating for VNM.By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.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.

Viet Nam Dairy Products JSC (VNM VN) - Domestic Market: Continued Improvement

<ul><li>For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%</li><li>2) a terminal growth rate after 2036 of 2%.</li><li>Thus, we maintain our target price of VND76,800 and Trading Buy rating.</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>

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions of: 1) a required rate of return of 11%2) a terminal growth rate after 2036 of 2%.Thus, we maintain our target price of VND76,800 and Trading Buy rating.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.

Viet Nam Dairy Products JSC (VNM VN) - Signs of Improvement in Domestic Market

Thematic (Sector/Industry)

<ul><li>VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.</li><li>This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.</li><li>The stronger loan growth was mainly supported by VCB’s relatively attractive lending rates. </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>

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr and VND1,727tr.This was a solid performance, both compared with the bank’s recent growth pace and the broader system trend.The stronger loan growth was mainly supported by VCB’s relatively attractive lending rates. 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) May 2026

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

Rong Viet Securities

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<ul><li>VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).</li><li>This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.</li><li>However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.</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>

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount 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.

VIETNAM DAIRY PRODUCTS JSC (VNM) - Progressively Stabilizing with The "New GT Framework"

<ul><li>For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.</li><li>Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.</li><li>At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.</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>

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a required rate of return of 11%; and 2) a terminal growth rate after 2035 of 3%.Thus, we maintain our target price at VND79,100 (dividend adjustment) with Buy rating.At the input side, in the latest (early September) global dairy auction, prices for dairy products decreased significantly after being maintained at solid price levels in 8M25, as supply outpaced demand.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.

Viet Nam Dairy Products JSC - Record Quarterly Revenue

Vietnam

Vinamilk, formally Vietnam Dairy Products Joint Stock Company, is Vietnam's largest dairy company, specializing in the production and distribution of a wide range of dairy products including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and infant cereal. The company also offers soy drinks, fruit juices, and tea. Vinamilk's headquarters are in Ho Chi Minh City, Vietnam, and it was established in 1976.

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Vinamilk (VNM VN)

Viet Nam Dairy Products JSC (VNM VN) - Domestic Market: Continued Improvement

By end-April, global skim milk powder (SMP) and whole milk powder (WMP) prices remained high, reaching US$3,448/ton and US$3,666/ton.

Mirae Asset Securities

Viet Nam Dairy Products JSC (VNM VN) - Signs of Improvement in Domestic Market

For our valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with the key assumptions...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) May 2026

VCB recorded relatively balanced growth in 1Q26, with total assets and credit increasing by 4.5% and 4.7% YTD, respectively, reaching VND2,551tr...

Mirae Asset Securities

VIETNAM DAIRY PRODUCTS JSC (VNM) - Progressively Stabilizing with The "New GT Framework"

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn...

Rong Viet Securities

Viet Nam Dairy Products JSC - Record Quarterly Revenue

For valuation of Viet Nam Dairy Products JSC (VNM), we used the discounted free cashflow to the firm (FCFF) method, with some key assumptions: 1) a...

Mirae Asset Securities

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