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

Ba Ria-Vung Tau House Development / Equity Bottom-Up

Ba Ria-Vung Tau House Development (HDC VN)

<ul><li>HDC reported 4Q25 revenue of VND175bn (+175% QoQ/-6% YoY) with property sales made up 40% (VND77bn, +8.2x QoQ; -23% YoY).</li><li>The implied property gross margin of 74% reflects the recognition of a small number of high-margin units at Ngoc Tuoc Villa 2 during the period.</li><li>Net profit came in at VND30bn, improving from a near-breakeven result in 4Q24 but down 94% QoQ. </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>

HDC reported 4Q25 revenue of VND175bn (+175% QoQ/-6% YoY) with property sales made up 40% (VND77bn, +8.2x QoQ; -23% YoY).The implied property gross margin of 74% reflects the recognition of a small number of high-margin units at Ngoc Tuoc Villa 2 during the period.Net profit came in at VND30bn, improving from a near-breakeven result in 4Q24 but down 94% QoQ. 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.

バリア・ブンタウ・ハウス・デベロップメント株式会社（HDC VN） - 相当な資産売却益