External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li>We lower our target price (TP) for VGC by 1.8% to VND64,100/share but upgrade our rating from MARKET PERFORM to BUY as the stock price has plunged 24% over the past two months.</li><li>Our lower TP is mainly driven by our 7% lower IP segment valuation (due to a 6% lower average 2025-29F IP land handover area projection), which outweighs our 2% higher construction materials valuation (on 1% higher aggregate gross profit (GP) and lower selling expenses).</li><li>We slightly increase our aggregate 2025-29F NPAT-MI forecast by 1% (respective changes of -24%/-21%/-3%/+15%/+25%), mainly reflecting (1) a 1% lift in construction materials GP (projected faster building glass margin recovery after the expected 2026F anti-dumping approval) and (2) selling expenses optimization following restructuring initiatives. These positive factors outweigh (3) a 3% decline in IP GP (6% lower projected average 2025-29F handover area of 153 ha).</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 lower our target price (TP) for VGC by 1.8% to VND64,100/share but upgrade our rating from MARKET PERFORM to BUY as the stock price has plunged 24% over the past two months.Our lower TP is mainly driven by our 7% lower IP segment valuation (due to a 6% lower average 2025-29F IP land handover area projection), which outweighs our 2% higher construction materials valuation (on 1% higher aggregate gross profit (GP) and lower selling expenses).We slightly increase our aggregate 2025-29F NPAT-MI forecast by 1% (respective changes of -24%/-21%/-3%/+15%/+25%), mainly reflecting (1) a 1% lift in construction materials GP (projected faster building glass margin recovery after the expected 2026F anti-dumping approval) and (2) selling expenses optimization following restructuring initiatives. These positive factors outweigh (3) a 3% decline in IP GP (6% lower projected average 2025-29F handover area of 153 ha).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.

VGC [BUY +32.6%] - Construction Materials Recovering; Restructuring Launched - Update

Viglacera Corp

VGC [BUY +32.6%] - Construction Materials Recovering; Restructuring Launched - Update