External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We upgrade our rating for VHC to BUY and raise our target price (TP) by 13% to VND71,600/share.</li><li>Our higher TP is due to rolling our TP horizon forward to end-2026 and factoring in our 17% higher aggregate 2025F-29F NPAT-MI forecast with respective changes of 14%/18%/37%/14%/6% for 2025F/26F/27F/28F/29F.</li><li>Our TP puts VHC’s respective 2025F/26F P/Es at 10.6x/9.3x vs its average five-year TTM P/E of 11.9x and our projected 2025F-30F EPS CAGR of 13%.</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 upgrade our rating for VHC to BUY and raise our target price (TP) by 13% to VND71,600/share.Our higher TP is due to rolling our TP horizon forward to end-2026 and factoring in our 17% higher aggregate 2025F-29F NPAT-MI forecast with respective changes of 14%/18%/37%/14%/6% for 2025F/26F/27F/28F/29F.Our TP puts VHC’s respective 2025F/26F P/Es at 10.6x/9.3x vs its average five-year TTM P/E of 11.9x and our projected 2025F-30F EPS CAGR of 13%.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.

VHC [BUY +22.7%] - 2026 Export Outlook Improves as Demand Recovers

Vinh Hoan

VHC [BUY +22.7%] - 2026 Export Outlook Improves as Demand Recovers