External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We increase our target price (TP) by 11% and upgrade our rating to BUY from OUTPERFORM.</li><li>Our higher TP is mainly due to (1) rolling our TP horizon to mid-2026 from mid-2025 and (2) using 2025F net debt (vs LQ previously) to partly capture capex disbursement for Giao Long 3 (GL3) from Q4 2025F, partly offset by (3) our 17% lower aggregate 2024-26F EBITDA.</li><li>We lower our 2025F/26F/27F NPAT-MI forecasts by 12%/24%/55% on a more moderate GPM expansion forecast and the delayed GL3 operation to H2 2027 vs early 2027 previously.</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 11% and upgrade our rating to BUY from OUTPERFORM.Our higher TP is mainly due to (1) rolling our TP horizon to mid-2026 from mid-2025 and (2) using 2025F net debt (vs LQ previously) to partly capture capex disbursement for Giao Long 3 (GL3) from Q4 2025F, partly offset by (3) our 17% lower aggregate 2024-26F EBITDA.We lower our 2025F/26F/27F NPAT-MI forecasts by 12%/24%/55% on a more moderate GPM expansion forecast and the delayed GL3 operation to H2 2027 vs early 2027 previously.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.

Dong Hai Ben Tre (DHC) - Price Spread to Widen in H2 2025; GL3’s Construction in Q4