External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We lower our target price (TP) by 27% to VND52,000/share and downgrade our rating to OUTPERFORM from BUY.</li><li>PTB’s share price has declined 16% since our March 2025 Update amid tariff headwinds, which have impacted Vietnam’s exports and the wood industry.</li><li>Our lower TP is due to (1) lowering our 2025F/26F/27F NPAT-MI forecasts by 14%/22%/23%, respectively, and (2) lowering our P/E multiple target to 10.2x (from 13.2x 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 lower our target price (TP) by 27% to VND52,000/share and downgrade our rating to OUTPERFORM from BUY.PTB’s share price has declined 16% since our March 2025 Update amid tariff headwinds, which have impacted Vietnam’s exports and the wood industry.Our lower TP is due to (1) lowering our 2025F/26F/27F NPAT-MI forecasts by 14%/22%/23%, respectively, and (2) lowering our P/E multiple target to 10.2x (from 13.2x 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.

PTB [OUTPERFORM +14.6%] - Weaker Wood Profitability Offset by Resilient Stone Growth

Phu Tai JSC

PTB [OUTPERFORM +14.6%] - Weaker Wood Profitability Offset by Resilient Stone Growth