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.

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