External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We cut our target price (TP) for CTR by 12% to VND100,400/share but maintain our OUTPERFORM rating.</li><li> Our lower TP reflects a 14% lower DCF valuation and a 7% lower SoTP valuation.</li><li>The reduction in our DCF valuation is due to a 9% cut in our 2025-32F aggregate EBITDA forecast and a 1.2- ppts higher WACC from higher beta assumptions.</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 cut our target price (TP) for CTR by 12% to VND100,400/share but maintain our OUTPERFORM rating. Our lower TP reflects a 14% lower DCF valuation and a 7% lower SoTP valuation.The reduction in our DCF valuation is due to a 9% cut in our 2025-32F aggregate EBITDA forecast and a 1.2- ppts higher WACC from higher beta assumptions.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.

CTR [OUTPERFORM +14.9%] - Lowering Forecasts on Softer Towerco Growth Prospects

Viettel Construction

CTR [OUTPERFORM +14.9%] - Lowering Forecasts on Softer Towerco Growth Prospects