External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Valuation and rating As Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a dominant domestic brewer, we used the market-based valuation method to value SAB stock, which includes peers’ current average P/E ratio and 2026 forecast EPS.</li><li>We raise our target price for SAB to VND52,800 (from VND47,600; cash dividend adjusted), equivalent to a P/E ratio of 16.0 (from 15.0), and upgrade to Trading Buy rating (from Hold).</li><li>Ongoing US-Israeli military operations against Iran are driving up shipping and fuel costs, which will weigh heavily on Vietnamese breweries that rely on imported raw materials.</li></ul><div class="content-highlight"><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></div>

Valuation and rating As Saigon Beer - Alcohol - Beverage Corporation (SAB VN) is a dominant domestic brewer, we used the market-based valuation method to value SAB stock, which includes peers’ current average P/E ratio and 2026 forecast EPS.We raise our target price for SAB to VND52,800 (from VND47,600; cash dividend adjusted), equivalent to a P/E ratio of 16.0 (from 15.0), and upgrade to Trading Buy rating (from Hold).Ongoing US-Israeli military operations against Iran are driving up shipping and fuel costs, which will weigh heavily on Vietnamese breweries that rely on imported raw materials.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.

Saigon Beer - Alcohol - Beverage Corporation (SAB VN) - Margins Hold Despite Slowndown