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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>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 2025 forecast EPS.</li><li>We lower our target price for SAB to VND49,700 (from VND68,400; cash dividend adjusted), equivalent to a P/E ratio of 15.0 (from 21.6), and downgrade to a Hold rating (from Buy).</li><li>In June, the Vietnam National Assembly passed the Special Consumption Tax 2025 law (law No. 66/2025/QH15) with major changes in the special consumption tax rate.</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>

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 2025 forecast EPS.We lower our target price for SAB to VND49,700 (from VND68,400; cash dividend adjusted), equivalent to a P/E ratio of 15.0 (from 21.6), and downgrade to a Hold rating (from Buy).In June, the Vietnam National Assembly passed the Special Consumption Tax 2025 law (law No. 66/2025/QH15) with major changes in the special consumption tax rate.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 - (SAB VN) - Pressure from Macro Factors