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Equity Bottom-Up

Vietnam Container Shipping / Equity Bottom-Up

<ul><li>In Q2-FY26, revenue and NPAT-MI reached VND 861 bn (+7% YoY ) and VND 186 bn (+60% YoY ), respectively, performing better than our expectations due to higher -than-forecast profits from JVs Hai An Transport and Stevedoring JSC (HSX: HAH) and Vinaship JSC (UPCOM: VNA), as well as the reversal of provisions for declines in the value of trading securities.</li><li>VSC's total throughput reached 344,000 TEUs (+8% YoY ). Throughput at VSC's port cluster maintained growth comparable to the entire region, implying that VSC did not lose market share compared to the SPLY , despit e four new port berths coming into operation at Lach Huyen, as HAH's fleet began operations at Nam Hai Dinh Vu port from Q3 -FY25.</li><li>Profit from JVs was VND 112 bn (compared to a loss of VND 1 bn in the SPLY ). Profit from Hai An was VND 83 bn and VND 20 bn from VNA. In Q2-FY26, VNA recorded an extraordinary PBT of VND 46 bn from the liquidation of the Vinaship Gold vessel. </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>

In Q2-FY26, revenue and NPAT-MI reached VND 861 bn (+7% YoY ) and VND 186 bn (+60% YoY ), respectively, performing better than our expectations due to higher -than-forecast profits from JVs Hai An Transport and Stevedoring JSC (HSX: HAH) and Vinaship JSC (UPCOM: VNA), as well as the reversal of provisions for declines in the value of trading securities.VSC's total throughput reached 344,000 TEUs (+8% YoY ). Throughput at VSC's port cluster maintained growth comparable to the entire region, implying that VSC did not lose market share compared to the SPLY , despit e four new port berths coming into operation at Lach Huyen, as HAH's fleet began operations at Nam Hai Dinh Vu port from Q3 -FY25.Profit from JVs was VND 112 bn (compared to a loss of VND 1 bn in the SPLY ). Profit from Hai An was VND 83 bn and VND 20 bn from VNA. In Q2-FY26, VNA recorded an extraordinary PBT of VND 46 bn from the liquidation of the Vinaship Gold vessel. 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.

VSC - Associates are the growth driver for profit