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Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Using DCF method and EV/EBITDA comparison method with a ratio of 50:50, we determine the fair price of SAB stock in the next 12 months is VND 48,000, equivalent to the forward P/E &amp; P/B in 2025 of 15.3/2.7 times, respectively.</li><li>Based on the closing price at 13/10/2025, we recommend ACCUMULATE for SAB.</li><li>SAB stock is suitable for investors pursuing an dividend-focused strategy with cash dividends up to 5,000 VND/share a year, equivalent to a dividend yield of 10%.</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>

Using DCF method and EV/EBITDA comparison method with a ratio of 50:50, we determine the fair price of SAB stock in the next 12 months is VND 48,000, equivalent to the forward P/E &amp; P/B in 2025 of 15.3/2.7 times, respectively.Based on the closing price at 13/10/2025, we recommend ACCUMULATE for SAB.SAB stock is suitable for investors pursuing an dividend-focused strategy with cash dividends up to 5,000 VND/share a year, equivalent to a dividend yield of 10%.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 - Potential for Dividend-Focused Investment Strategies