External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

Vietnam Electrical Equipment JSC / Equity Bottom-Up

<ul><li>We raise our target price (TP) for GEX by 104% but downgrade our rating from OUTPERFORM to MARKET PERFORM as its share price has rallied 251% over the past four months.</li><li>Our higher valuation is mainly driven by: (1) a 64% increase in electrical equipment valuation (reflecting a 34% higher aggregate 5Y NPAT-MI and a higher target P/E),</li><li>(2) an 81% uplift in hotel &amp; office valuation (higher valuation for the Fairmont Complex launching in Q4 2025, vs our prior equity-only valuation),</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 raise our target price (TP) for GEX by 104% but downgrade our rating from OUTPERFORM to MARKET PERFORM as its share price has rallied 251% over the past four months.Our higher valuation is mainly driven by: (1) a 64% increase in electrical equipment valuation (reflecting a 34% higher aggregate 5Y NPAT-MI and a higher target P/E),(2) an 81% uplift in hotel &amp; office valuation (higher valuation for the Fairmont Complex launching in Q4 2025, vs our prior equity-only valuation),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.

GELEX Group (GEX) - GEE, VGC’s Strong Earnings to Boost GEX’s Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

<ul><li>We cut our target price (TP) for GEX by 4% but upgrade our rating from OUTPERFORM to BUY as its share price has dropped 13% over the past three months.</li><li>We cut our TP due to a higher conglomerate discount of 30% (vs 15% previously, details on page 7), which outweighs our 9% higher aggregate 2025-2029F NPAT-MI projections for GEX (respective changes of +10%/+7%/+7%+10%/+11%).</li><li>- Our higher aggregate five-year NPAT-MI is mainly driven by our 18% higher earnings projection for GEE (due to higher revenue growth as well as higher GPM projections following 9M results) and our 1% higher aggregate NPAT-MI projection for VGC.</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 cut our target price (TP) for GEX by 4% but upgrade our rating from OUTPERFORM to BUY as its share price has dropped 13% over the past three months.We cut our TP due to a higher conglomerate discount of 30% (vs 15% previously, details on page 7), which outweighs our 9% higher aggregate 2025-2029F NPAT-MI projections for GEX (respective changes of +10%/+7%/+7%+10%/+11%).- Our higher aggregate five-year NPAT-MI is mainly driven by our 18% higher earnings projection for GEE (due to higher revenue growth as well as higher GPM projections following 9M results) and our 1% higher aggregate NPAT-MI projection for VGC.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.

GEX [BUY +25.9%] - Core NPAT to double in 2025F - Update

<ul><li>We cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.</li><li>We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).</li><li>Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest) (see page 8). </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 cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest) (see page 8). 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.

Gex - Strong Core Earnings Projected Across Segments in 2025F

<ul><li>We cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.</li><li>We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).</li><li>Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest)</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 cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest)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.

GELEX Group (GEX VN) - Strong Core Earnings Projected Across Segments in 2025F

Vietnam

Electrical Equipment Joint Stock Company manufactures and supplies transformers. It offers one and three phase, cast resin, and pad-mounted transformers, as well as pressure safety valves, bimetal thermometers, and oil level indicators. The company was founded in 1977 and is based in Bien Hoa, Vietnam.

Vietnam Electrical Equipment JSC (GEX VN)

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Vietnam Electrical Equipment JSC (GEX VN)

GELEX Group (GEX) - GEE, VGC’s Strong Earnings to Boost GEX’s Valuation

We raise our target price (TP) for GEX by 104% but downgrade our rating from OUTPERFORM to MARKET PERFORM as its share price has rallied 251% over...

Vietcap

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

GEX [BUY +25.9%] - Core NPAT to double in 2025F - Update

We cut our target price (TP) for GEX by 4% but upgrade our rating from OUTPERFORM to BUY as its share price has dropped 13% over the past three...

Vietcap

Gex - Strong Core Earnings Projected Across Segments in 2025F

We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI...

Vietcap

GELEX Group (GEX VN) - Strong Core Earnings Projected Across Segments in 2025F

We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI...

Vietcap

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