External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We raise our target price (TP) for VGC by 31% to VND65,300/share but downgrade our rating from OUTPERFORM to MARKET PERFORM as the share price has rallied 46% over the past 50 days.</li><li>Our higher TP is mainly driven by (1) a 29% higher real estate valuation (driven by 53% higher aggregate 2025-29F gross profit from IP land sales &amp; services), and (2) a 25% higher construction materials valuation (driven by a higher terminal growth rate of 3% from 1%, following VGC’s increased market share in Vietnam’s building glass sector).</li><li>We raise our projected aggregate 2025-29F NPAT-MI by 40% (respective changes of +35%/+38%/+24%/+9%/-16% for 2025/26/27/28/29F). </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 raise our target price (TP) for VGC by 31% to VND65,300/share but downgrade our rating from OUTPERFORM to MARKET PERFORM as the share price has rallied 46% over the past 50 days.Our higher TP is mainly driven by (1) a 29% higher real estate valuation (driven by 53% higher aggregate 2025-29F gross profit from IP land sales &amp; services), and (2) a 25% higher construction materials valuation (driven by a higher terminal growth rate of 3% from 1%, following VGC’s increased market share in Vietnam’s building glass sector).We raise our projected aggregate 2025-29F NPAT-MI by 40% (respective changes of +35%/+38%/+24%/+9%/-16% for 2025/26/27/28/29F). 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.

Viglacera Corporation (VGC) - Strong IP Outlook, Higher Building Glass Market Share