External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li>Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.</li><li>The ongoing expansion of GSM is expected to remain a key source of order visibility for VinFast, supported by a new framework agreement under which VinFast will supply approximately 1 million EVs and 4 million 2Ws to GSM during 2026– 2030G.</li><li>In addition, the planned spin-off of VinFast's Vietnam manufacturing assets is intended to support the company's transition toward a more asset-light and capital-efficient business model. </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.

Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.The ongoing expansion of GSM is expected to remain a key source of order visibility for VinFast, supported by a new framework agreement under which VinFast will supply approximately 1 million EVs and 4 million 2Ws to GSM during 2026– 2030G.In addition, the planned spin-off of VinFast's Vietnam manufacturing assets is intended to support the company's transition toward a more asset-light and capital-efficient business model. 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.

VinFast's (Nasdaq: VFS) Q1 2026 Earnings Call – Highlights

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.</li><li>The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.</li><li>Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. </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 participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. 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.

VinFast's (Nasdaq: VFS) Q3 2025 Earnings Call - Highlights

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We expect 4Q25E revenue of Bt6.3bn (+3% YoY, +4% QoQ), supported by a rebound in the dealership business (35% of revenue) in line with 29% YoY growth in domestic car sales.</li><li>We expect AH to maintain its 37% dividend payout ratio—the lowest in the sector (vs. 70–80% for peers)—due to i) its recent Bt380mn share buyback and ii) continued focus on overseas expansion.</li><li>We maintain Buy at Bt17.30 (13.3% required return), as the stock remains laggard with a below-industry P/E, despite limited GPM expansion versus peers.</li></ul>

We expect 4Q25E revenue of Bt6.3bn (+3% YoY, +4% QoQ), supported by a rebound in the dealership business (35% of revenue) in line with 29% YoY growth in domestic car sales.We expect AH to maintain its 37% dividend payout ratio—the lowest in the sector (vs. 70–80% for peers)—due to i) its recent Bt380mn share buyback and ii) continued focus on overseas expansion.We maintain Buy at Bt17.30 (13.3% required return), as the stock remains laggard with a below-industry P/E, despite limited GPM expansion versus peers.

AAPICO HITECH Plc. (AH): The Most Laggard In The Sector– Buy (12M FWD Fair Value Bt17.30)

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9.</li><li>The main updates include a recap of the company’s Q1 2025 results and 2025 outlook.</li><li>In Q1 2025, VFS’s global deliveries were 36,300 EV units (-32% QoQ and +296% YoY; of which 21% were sold to VinFast’s related parties).</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 participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9.The main updates include a recap of the company’s Q1 2025 results and 2025 outlook.In Q1 2025, VFS’s global deliveries were 36,300 EV units (-32% QoQ and +296% YoY; of which 21% were sold to VinFast’s related parties).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.

VinFast's - Key Takeaways from Q1 2025 Earnings Call

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.</li><li>The main updates include a recap of H1 2024 results and the business outlook for H2 2024.</li><li>Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors.</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 participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.The main updates include a recap of H1 2024 results and the business outlook for H2 2024.Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors.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.

VinFast's (Nasdaq: VFS) - Key Takeaways from Q2 2024 Earnings Call

Vietnam

VinFast is a Vietnamese multinational automotive company specializing in the design and manufacture of electric vehicles (EVs), e-scooters, and e-buses. The company offers a range of electric cars and provides related battery lease and charging services. VinFast was founded in June 2017 and is headquartered in Hai Phong, Vietnam.

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VinFast (VFS US)

VinFast's (Nasdaq: VFS) Q1 2026 Earnings Call – Highlights

Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.

Vietcap

VinFast's (Nasdaq: VFS) Q3 2025 Earnings Call - Highlights

Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs...

Vietcap

AAPICO HITECH Plc. (AH): The Most Laggard In The Sector– Buy (12M FWD Fair Value Bt17.30)

We expect 4Q25E revenue of Bt6.3bn (+3% YoY, +4% QoQ), supported by a rebound in the dealership business (35% of revenue) in line with 29% YoY...

Krungthai XSpring

VinFast's - Key Takeaways from Q1 2025 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9. The main updates include a recap of the company’s Q1 2025 results...

Vietcap

VinFast's (Nasdaq: VFS) - Key Takeaways from Q2 2024 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.The main updates include a recap of H1 2024 results and the...

Vietcap

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