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

Rong Viet Securities

RongViet Securities Corporation (RongViet) was established in 2007, licensed to perform the complete range of securities services including brokerage, financial investment, underwriting, financial and investment advisory and securities depository. RongViet now has an operating network that spreads across the country. Our major shareholders, also our strategic partners, are reputable institutions, i.e Eximbank, Viet Dragon Fund Management, etc... Along with a team of the professional and dynamic staffs, RongViet has the man power as well as the financial capacity to bring our clients the most suitable and efficient products and services. Especially, RongViet was one of the very first securities firms to pay the adequate attention to the development of a team of analysts and the provision of useful research report to investors.

The Analysis and Investment Advisory Department of RongViet Securities provides research reports on the macro-economy, securities market and investment strategy along with industry and company reports and daily and weekly market reviews.

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.

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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

Hang Xanh Motors Service Jsc / Equity Bottom-Up

<ul><li>Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY) — a result of both the weakening market share of Mercedes-Benz in Vietnam and HAX’s own distribution share.</li><li>A bright spot came from strong MG growth (+27.4% YoY), driven by aggressive dealership expansion (5 out of 15 new dealerships opened this quarter), though not enough to offset the overall decline in MBZ.</li><li>NPAT-MI reached only VND 5.0 bn (-76.9% YoY). HAX launched 5 out of its planned 15 MG dealerships nationwide in Q1-FY25, accompanied by aggressive demand-stimulating strategies such as price discounts (gross margin down 218bps YoY), increased advertising, and dealer incentives.</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>

Net revenue reached VND 959 bn (-7.6% YoY), significantly below projections, entirely due to the sharp decline in the MBZ segment (-28.3% YoY) — a result of both the weakening market share of Mercedes-Benz in Vietnam and HAX’s own distribution share.A bright spot came from strong MG growth (+27.4% YoY), driven by aggressive dealership expansion (5 out of 15 new dealerships opened this quarter), though not enough to offset the overall decline in MBZ.NPAT-MI reached only VND 5.0 bn (-76.9% YoY). HAX launched 5 out of its planned 15 MG dealerships nationwide in Q1-FY25, accompanied by aggressive demand-stimulating strategies such as price discounts (gross margin down 218bps YoY), increased advertising, and dealer incentives.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.

HAX - MG Development and Land Transaction Are the Key Focus in H2-2025