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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.</li><li>Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).</li><li>In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.</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>

We used the discounted free cash flow to the firm (FCFF) method to determine the fair value of Vinh Hoan Corporation (VHC) stock, with a required rate of return of 13% and assuming 1% long-term growth after 2036.Thus, we maintain our target price at VND69,900 for VHC and upgrade our rating to Buy (from Trading Buy), as the stock price has decreased 15.0% since our last report (VN-Index: -6.5%).In June and 1H26, pangasius exports reached US$209mn (+5% YoY) and US$1.1bn (+12% YoY), respectively.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.

Vinh Hoan Corporation (VHC VN) - Business Remained Strong in 2Q26