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External broker reports(aggregated public sources)

Equity Bottom-Up

Sai Gon VRG Investment Corporation / Equity Bottom-Up

Sai Gon VRG Investment Corporation (SIP VN)

<ul><li>We cut our target price (TP) for SIP by 17% to VND85,000/share but upgrade our rating to BUY from OUTPERFORM as SIP’s share price has declined ~27% over the last three months.</li><li>The downward revision primarily reflects our lower assumptions for IP land sales and ASP growth during 2025–28F, mainly due to potential challenges from the recent US reciprocal tariff announcement and ongoing trade negotiations, which are partially offset by rolling our TP horizon forward to mid-2026.</li><li>We revise down our 2025–26F NPAT-MI forecasts by 15%/12%, mainly due to: (1) lower financial income as we now assume no further divestment in Nam Tan Uyen JSC (HOSE: NTC; SIP owns a 21.5% stake as of end-Q1 2025) for the remainder of 2025F, and (2) reduced gross profit contributions from the utilities segment</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 SIP by 17% to VND85,000/share but upgrade our rating to BUY from OUTPERFORM as SIP’s share price has declined ~27% over the last three months.The downward revision primarily reflects our lower assumptions for IP land sales and ASP growth during 2025–28F, mainly due to potential challenges from the recent US reciprocal tariff announcement and ongoing trade negotiations, which are partially offset by rolling our TP horizon forward to mid-2026.We revise down our 2025–26F NPAT-MI forecasts by 15%/12%, mainly due to: (1) lower financial income as we now assume no further divestment in Nam Tan Uyen JSC (HOSE: NTC; SIP owns a 21.5% stake as of end-Q1 2025) for the remainder of 2025F, and (2) reduced gross profit contributions from the utilities segmentContent 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.

SIP [BUY +34.7%] - Recurring income growth to drive earnings stability - Update