External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Electrical Equipment JSC / Equity Bottom-Up

Vietnam Electrical Equipment JSC (GEX VN)

<ul><li>We raise our target price (TP) for GEX by 104% but downgrade our rating from OUTPERFORM to MARKET PERFORM as its share price has rallied 251% over the past four months.</li><li>Our higher valuation is mainly driven by: (1) a 64% increase in electrical equipment valuation (reflecting a 34% higher aggregate 5Y NPAT-MI and a higher target P/E),</li><li>(2) an 81% uplift in hotel &amp; office valuation (higher valuation for the Fairmont Complex launching in Q4 2025, vs our prior equity-only valuation),</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 raise our target price (TP) for GEX by 104% but downgrade our rating from OUTPERFORM to MARKET PERFORM as its share price has rallied 251% over the past four months.Our higher valuation is mainly driven by: (1) a 64% increase in electrical equipment valuation (reflecting a 34% higher aggregate 5Y NPAT-MI and a higher target P/E),(2) an 81% uplift in hotel &amp; office valuation (higher valuation for the Fairmont Complex launching in Q4 2025, vs our prior equity-only valuation),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.

GELEX Group (GEX) - GEE, VGC’s Strong Earnings to Boost GEX’s Valuation