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>We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.</li><li>Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).</li><li>In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.</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>

We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.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.

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26

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

Rong Viet Securities

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<ul><li>In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.</li><li>Specifically, revenue from frozen fillets increased by 14% YoY, by-products by 17%, C&amp;G by 21%, and Sa Giang by 16% YoY.</li><li>Regarding consumption markets, the US remained the main driver, with revenue increasing by 40% YoY, while the EU increased by 6% YoY and China decreased slightly by 3% YoY. </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>

In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.Specifically, revenue from frozen fillets increased by 14% YoY, by-products by 17%, C&amp;G by 21%, and Sa Giang by 16% YoY.Regarding consumption markets, the US remained the main driver, with revenue increasing by 40% YoY, while the EU increased by 6% YoY and China decreased slightly by 3% YoY. 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.

VHC - 2026-2027 Outlook: Focus on Profit Margin Optimization

<ul><li>Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY).</li><li>China and Hong Kong (around 28% of total exports) were the leading pangasius market.</li><li>Demand in key whitefish markets like China and the US remained high, which drove up prices. </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>

Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY).China and Hong Kong (around 28% of total exports) were the leading pangasius market.Demand in key whitefish markets like China and the US remained high, which drove up prices. 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.

Vinh Hoan Corporation (VHC VN) - US Market a Bright Spot

Thematic (Sector/Industry)

<ul><li>Vietnam's pangasius exports maintain steady momentum: In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).</li><li>In July, export value reached US$203mn (+4% YoY), indicating sustained market demand despite a slight slowdown in growth.</li><li>Input prices and costs: Although the global oil and gas prices remained high, prices of input materials in pangasius sector either fell sharply or just increased slightly. </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>

Vietnam's pangasius exports maintain steady momentum: In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).In July, export value reached US$203mn (+4% YoY), indicating sustained market demand despite a slight slowdown in growth.Input prices and costs: Although the global oil and gas prices remained high, prices of input materials in pangasius sector either fell sharply or just increased slightly. 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 Pangasius Sector (Neutral) - Continuous hurdles

External broker reports(aggregated public sources), Vietcap

Vietcap

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<ul><li>We upgrade our rating for VHC to BUY and raise our target price (TP) by 13% to VND71,600/share.</li><li>Our higher TP is due to rolling our TP horizon forward to end-2026 and factoring in our 17% higher aggregate 2025F-29F NPAT-MI forecast with respective changes of 14%/18%/37%/14%/6% for 2025F/26F/27F/28F/29F.</li><li>Our TP puts VHC’s respective 2025F/26F P/Es at 10.6x/9.3x vs its average five-year TTM P/E of 11.9x and our projected 2025F-30F EPS CAGR of 13%.</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 upgrade our rating for VHC to BUY and raise our target price (TP) by 13% to VND71,600/share.Our higher TP is due to rolling our TP horizon forward to end-2026 and factoring in our 17% higher aggregate 2025F-29F NPAT-MI forecast with respective changes of 14%/18%/37%/14%/6% for 2025F/26F/27F/28F/29F.Our TP puts VHC’s respective 2025F/26F P/Es at 10.6x/9.3x vs its average five-year TTM P/E of 11.9x and our projected 2025F-30F EPS CAGR of 13%.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.

VHC [BUY +22.7%] - 2026 Export Outlook Improves as Demand Recovers

Vietnam

Vinh Hoan is a leading Vietnamese aquaculture company specializing in the farming, processing, and export of pangasius (basa) fish and other seafood products. The company operates an integrated model covering hatchery, farming, and processing, and also produces value-added products like frozen fillets, breaded fish, and collagen. Headquartered in Cao Lanh, Dong Thap Province, Vietnam, the company was founded in 1997.

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Vinh Hoan (VHC VN)

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26

Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0%...

Mirae Asset Securities

VHC - 2026-2027 Outlook: Focus on Profit Margin Optimization

In Q1/2026, net revenue rose by 12% YoY, while NPAT-MI increased by 37.8% YoY, mainly due to a 63% growth in value-added products.

Rong Viet Securities

Vinh Hoan Corporation (VHC VN) - US Market a Bright Spot

Vietnam pangasius exports continued growing in 1Q26, with an export value at US$513mn (+1% YoY). China and Hong Kong (around 28% of total exports)...

Mirae Asset Securities

Vietnam Pangasius Sector (Neutral) - Continuous hurdles

In 7M26, Vietnam's pangasius exports maintained growth momentum, with total export value reaching US$1.3bn — a 10% YoY increase (1Q26: +17% YoY).

Mirae Asset Securities

VHC [BUY +22.7%] - 2026 Export Outlook Improves as Demand Recovers

Our TP puts VHC’s respective 2025F/26F P/Es at 10.6x/9.3x vs its average five-year TTM P/E of 11.9x and our projected 2025F-30F EPS CAGR of 13%.

Vietcap

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