External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>We cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.</li><li>Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.</li><li>We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update. </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 cut our target price (TP) for SAB by 13% to VND58,000/share but maintain our BUY rating.Our lower TP is due to (1) a 10% reduction in our target P/E from 18.6x to 16.7x and (2) a 7% cut in our 2025F EPS projection, partly offset by using 2025–26F average EPS instead of 2025F EPS.We apply a lower target P/E to reflect a 4% cut in our aggregate 2025-29F NPAT-MI forecast and a 6% decrease in the 5-year average peer median P/E vs our previous Update. 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.

SAB [BUY +36.2%] - Sales Volume Recovery from 2026F to Support Earnings Growth