External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li>We maintain our MARKET PERFORM rating for GVR while cutting our target price (TP) by 10% to VND31,200/share. </li><li>Our lower TP is primarily due to our softer ASP growth and reduced IP land sales projections for self-developed industrial parks (IPs)/ industrial clusters (ICs), given potential challenges from the US reciprocal tariff announcement and ongoing trade negotiations.</li><li>This is partly offset by rolling our TP horizon forward to mid-2026 from end-2025.</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 for GVR while cutting our target price (TP) by 10% to VND31,200/share. Our lower TP is primarily due to our softer ASP growth and reduced IP land sales projections for self-developed industrial parks (IPs)/ industrial clusters (ICs), given potential challenges from the US reciprocal tariff announcement and ongoing trade negotiations.This is partly offset by rolling our TP horizon forward to mid-2026 from end-2025.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.

GVR [MARKET PERFORM +7.9%] - Accelerated Rubber Land Conversion to Support Earnings Growth

Vietnam

Vietnam Rubber Group (VRG) is a leading Vietnamese economic group primarily engaged in the cultivation, processing, and trading of natural rubber and rubber products. The company also operates in wood processing, industrial park infrastructure investment, high-tech agriculture, and clean and renewable energy. VRG was established in 1975 and is headquartered in Ho Chi Minh City, Vietnam.

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Vietnam Rubber Group (GVR VN)

GVR [MARKET PERFORM +7.9%] - Accelerated Rubber Land Conversion to Support Earnings Growth

Our lower TP is primarily due to our softer ASP growth and reduced IP land sales projections for self-developed industrial parks (IPs)/ industrial...

Vietcap

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