External broker reports(aggregated public sources), Vietcap

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Equity Bottom-Up

<ul><li>We increase our target price (TP) by 3% and reiterate our BUY rating.</li><li>Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.</li><li>We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.</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 increase our target price (TP) by 3% and reiterate our BUY rating.Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.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.

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Dong Hai Ben Tre

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth