External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

PetroVietnam Power Nhon Trach 2 / Equity Bottom-Up

PetroVietnam Power Nhon Trach 2 Joint Stock Company is engaged in the production, transmission, and distribution of electricity in Vietnam. The company operates and manages the 750-megawatt (MW) Nhon Trach 2 combined-cycle gas turbine power plant. It was founded in 2007 and is headquartered in Nhon Trach, Vietnam.

<ul><li>We lower our target price (TP) for NT2 by 5% to VND28,800/share but maintain our BUY rating.</li><li>Our lower TP is mainly due to (1) our 13% lower 2026-30F aggregate reported NPAT-MI projection (respective changes of -22%/+20%/-19%/-17%/-19%), which outweighs (2) the positive impact of rolling our TP horizon to mid-2027 and (3) a higher net cash balance. </li><li>Our lower 2026-30F aggregate reported NPAT projection is due to (1) 2% lower aggregate volume, (2) 27% higher SG&amp;A expenses, and (3) lower FX loss compensation, which outweigh (4) our 3% lower forecast for NT2’s average gas price following our recent cut in the gas price for the southeast region by an average of 3.4% for 2027-2030F and higher gas feedstock from domestic gas fields Hai Thach-Moc Tinh, as per GAS, and (5) 8% higher financial income.</li></ul>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.

We lower our target price (TP) for NT2 by 5% to VND28,800/share but maintain our BUY rating.Our lower TP is mainly due to (1) our 13% lower 2026-30F aggregate reported NPAT-MI projection (respective changes of -22%/+20%/-19%/-17%/-19%), which outweighs (2) the positive impact of rolling our TP horizon to mid-2027 and (3) a higher net cash balance. Our lower 2026-30F aggregate reported NPAT projection is due to (1) 2% lower aggregate volume, (2) 27% higher SG&amp;A expenses, and (3) lower FX loss compensation, which outweigh (4) our 3% lower forecast for NT2’s average gas price following our recent cut in the gas price for the southeast region by an average of 3.4% for 2027-2030F and higher gas feedstock from domestic gas fields Hai Thach-Moc Tinh, as per GAS, and (5) 8% higher financial income.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.

NT2 [BUY +28.3%] - El Nino to Boost 2027 Earnings Outlook - Update

PetroVietnam Fertilizer and Chemicals / Equity Bottom-Up

PetroVietnam Fertilizer and Chemicals Corporation is a leading Vietnamese company specializing in the production and trading of fertilizers and chemicals, including urea, NPK, MOP, SA, DAP, liquid ammonia, and UFC85/Formaldehyde. Its products are primarily targeted at the agriculture sector and also used in oil and gas production. The company was founded on March 28, 2003, and is headquartered in Ho Chi Minh City, Vietnam.

PetroVietnam Fertilizer and Chemicals (DPM VN)

<ul><li>5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.</li><li>Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.</li><li>Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tight</li></ul>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.

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tightContent 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.

DPM [MARKET PERFORM +9.9%] - Urea ASP Tailwinds Boost 2026F NPAT Growth

PetroVietnam Ca Mau Fertilizer / Equity Bottom-Up

PetroVietnam Ca Mau Fertilizer Joint Stock Company specializes in the production, trading, and import/export of fertilizers and petroleum chemicals, primarily serving the agricultural sector. The company's main products include urea fertilizer, complex fertilizer, and biomineral fertilizers. It was founded in 2011 and is headquartered in Ca Mau, Vietnam.

<ul><li>5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.</li><li>Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.</li><li>Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tight.</li></ul>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.

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.Urea prices peaked at USD908/tonne in the second half of April, the highest level since 2023 (~10% below the peak during the Russia–Ukraine conflict), with India’s tender prices reaching similar levels.Prices have since cooled to ~USD755/t (still +54% vs pre-conflict levels) due to (1) growing expectations of a conflict resolution, (2) the passing of India’s April peak demand season, and (3) weak demand from Korea, Japan, Australia, and some EU countries; however, physical supply from the Middle East remains tight.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.

DCM [BUY +26.6%] - 2026F NPAT to Surge on Strong Urea ASP

Viettel Post Joint Stock Corporation is a Vietnamese company specializing in domestic and international express delivery, logistics, fulfillment, and e-commerce services. It offers comprehensive transportation solutions including warehousing, order processing, and customs clearance, with a strong focus on technology application to optimize operations. Viettel Post was established on July 1, 1997, and is headquartered in Hanoi, Vietnam.

<ul><li>We maintain our MARKET PERFORM rating but increase our target price (TP) for VTP by 36% to VND71,800/share.</li><li>Our higher TP reflects the accelerating contribution of new segments, alongside the positive impact from rolling our TP horizon to mid-2027 from mid-2025.</li><li>We lower our aggregate 2026– 2035F NPAT-MI forecast (respective cuts of -26%/-27%/-35%/-38%/-43% for 2026/27/28/29/30F) due to near-term pressure from higher opex and capex, while long-term earnings remain largely intact as margins normalize and scale benefits emerge.</li></ul>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.

We maintain our MARKET PERFORM rating but increase our target price (TP) for VTP by 36% to VND71,800/share.Our higher TP reflects the accelerating contribution of new segments, alongside the positive impact from rolling our TP horizon to mid-2027 from mid-2025.We lower our aggregate 2026– 2035F NPAT-MI forecast (respective cuts of -26%/-27%/-35%/-38%/-43% for 2026/27/28/29/30F) due to near-term pressure from higher opex and capex, while long-term earnings remain largely intact as margins normalize and scale benefits emerge.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.

VTP [MARKET PERFORM 7.2%] - Revenue Accelerates from New Segments, Earnings Lag

GEMADEPT Corporation is a leading port operator and logistics service provider in Vietnam, operating a network of ports, inland container depots (ICDs), and modern distribution centers. The company offers comprehensive supply chain management solutions, including air cargo terminals, sea and inland waterway transportation, cold chain logistics, and automotive logistics. GEMADEPT was established in 1990 and is headquartered in Ho Chi Minh City, Vietnam.

<ul><li>We reiterate our BUY rating for GMD and lift our target price (TP) by 2% to VND95,500/share.</li><li>Our TP revision is mainly driven by rolling our valuation horizon forward to mid-2027, partly offset by higher 2026F capex, including ~VND540bn (USD34.6mn; our estimates) for GMD’s 60% stake in a new 33-ha container yard near Nam Dinh Vu (NDV), higher Gemalink net debt reflecting increased borrowing for GML2 construction, and a higher share count of 432.9mn vs 426.5mn due to ESOP.</li><li>We keep our earnings projections broadly unchanged: 3% higher volume for Phuoc Long and Binh Duong, and lower MI (on a weaker-than-expected Q1 result and lower NDV forecast as we believe NDV accounts for a proportionally large share in consolidated MI) offset 4% weaker NDV volume and slightly lower blended GPM during 2026- 30F as NDV ramps up slower than expected. </li></ul>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.

We reiterate our BUY rating for GMD and lift our target price (TP) by 2% to VND95,500/share.Our TP revision is mainly driven by rolling our valuation horizon forward to mid-2027, partly offset by higher 2026F capex, including ~VND540bn (USD34.6mn; our estimates) for GMD’s 60% stake in a new 33-ha container yard near Nam Dinh Vu (NDV), higher Gemalink net debt reflecting increased borrowing for GML2 construction, and a higher share count of 432.9mn vs 426.5mn due to ESOP.We keep our earnings projections broadly unchanged: 3% higher volume for Phuoc Long and Binh Duong, and lower MI (on a weaker-than-expected Q1 result and lower NDV forecast as we believe NDV accounts for a proportionally large share in consolidated MI) offset 4% weaker NDV volume and slightly lower blended GPM during 2026- 30F as NDV ramps up slower than expected. 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.

GMD [BUY +31.4%] - Strong 2026F Earnings Growth, Valuation Remains Compelling

Vietcap
External broker reports(aggregated public sources)
• Vietcap

NT2 [BUY +28.3%] - El Nino to Boost 2027 Earnings Outlook - Update

Our lower TP is mainly due to (1) our 13% lower 2026-30F aggregate reported NPAT-MI projection (respective changes of -22%/+20%/-19%/-17%/-19%)

Vietcap

DPM [MARKET PERFORM +9.9%] - Urea ASP Tailwinds Boost 2026F NPAT Growth

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.

Vietcap

DCM [BUY +26.6%] - 2026F NPAT to Surge on Strong Urea ASP

5M 2026 Middle East urea prices averaged USD652/tonne (+64% YoY), ~130% of our prior base case assumption of USD500/tonne.

Vietcap

VTP [MARKET PERFORM 7.2%] - Revenue Accelerates from New Segments, Earnings Lag

Our higher TP reflects the accelerating contribution of new segments, alongside the positive impact from rolling our TP horizon to mid-2027 from...

Vietcap

GMD [BUY +31.4%] - Strong 2026F Earnings Growth, Valuation Remains Compelling

Our TP revision is mainly driven by rolling our valuation horizon forward to mid-2027, partly offset by higher 2026F capex, including ~VND540bn...

Vietcap