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

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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>Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.</li><li>Accordingly, we maintain a BUY recommendation on GEG.</li><li>In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling prices. </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>

Using a blended valuation approach combining Sum-of-the-Parts (SOTP) and EV/EBITDA multiple comparison at a 50:50 weighting, we estimate GEG’s fair value over the next 12 months at VND 19,600 per share, implying an upside potential of 36%.Accordingly, we maintain a BUY recommendation on GEG.In 2025F, GEG’s key growth driver will come from the adjustment in wind power selling 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.

GEG - Growth Potential Comes from Expanding Renewable Energy Capacity

Gia Lai Electricity

GEG - Growth Potential Comes from Expanding Renewable Energy Capacity