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External broker reports(aggregated public sources)

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Refrigeration Electrical Engineering / Equity Bottom-Up

Refrigeration Electrical Engineering (REE VN)

<ul><li>We raise our target price (TP) for REE by 8.3% and upgrade our rating to BUY from MARKET PERFORM as the share price has decreased 4% over the past two months.</li><li>Our higher target price is driven by (1) a 6% higher valuation for power generation, reflecting higher hydro and solar valuations offsetting weaker wind, plus the positive impact of rolling our TP horizon to end-2026; (2) an 18% higher valuation for office leasing from the positive rolling impact; (3) and 14%/5% higher valuations for the M&amp;E and water segments, respectively, using 2026F NPAT-MI instead of the 2025–26F average.</li><li>We increase our aggregate 2025–29F NPAT-MI forecast by 1% (respective changes of +2%/+3%/0%/-2%/+2%), mainly due to a 2% higher hydropower NPAT and lower G&amp;A expenses based on 9M 2025 results, outweighing 5% lower wind NPAT due to higher capex assumptions.</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 REE by 8.3% and upgrade our rating to BUY from MARKET PERFORM as the share price has decreased 4% over the past two months.Our higher target price is driven by (1) a 6% higher valuation for power generation, reflecting higher hydro and solar valuations offsetting weaker wind, plus the positive impact of rolling our TP horizon to end-2026; (2) an 18% higher valuation for office leasing from the positive rolling impact; (3) and 14%/5% higher valuations for the M&amp;E and water segments, respectively, using 2026F NPAT-MI instead of the 2025–26F average.We increase our aggregate 2025–29F NPAT-MI forecast by 1% (respective changes of +2%/+3%/0%/-2%/+2%), mainly due to a 2% higher hydropower NPAT and lower G&amp;A expenses based on 9M 2025 results, outweighing 5% lower wind NPAT due to higher capex assumptions.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.

REE [BUY +20.0%] - Wind Expansion Progresses; Hydropower Secures Growth