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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We have made an initial valuation for GDA stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.</li><li>We estimate the fair value at VND 38,700, equivalent to a projected P/B of 1.1x in 2025. </li><li>The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). </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 have made an initial valuation for GDA stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.We estimate the fair value at VND 38,700, equivalent to a projected P/B of 1.1x in 2025. The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). 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.

GDA - Attractive Valuation & Potential from New Factory

Ton Dong

GDA - Attractive Valuation & Potential from New Factory