External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Dong Hai Joint Stock Company of Ben Tre manufactures, sells, and trades in pulp, kraft paper, paper board, and carton packaging products in Vietnam. The company offers 3 layers and 5 layers carton packages and boxes. The company was founded in 1994 and is headquartered in Chau Thanh, Vietnam.

<ul><li>We increase our target price (TP) by 3% and reiterate our BUY rating.</li><li>Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.</li><li>We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.</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 increase our target price (TP) by 3% and reiterate our BUY rating.Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.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.

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

SSI Securities Corporation / Equity Bottom-Up

SSI Securities Corporation offers investment banking and securities brokerage services.  The Company offers corporate finance advisory and capital raising services, mergers and acquisitions advice, and equity research, sales and trading services.

<ul><li style="text-align: justify;">We decrease our target price (TP) for SSI by 5.4% to VND38,600/share but upgrade our rating to BUY from OUTPERFORM as SSI’s share price has declined 21.9% over the past two months.</li><li style="text-align: justify;">Our lower TP is mainly due to the 20% rights issuance at a discount (VND15,000/share) in January 2026, which will dilute the share price and a 12.2% cut to our aggregate 2025–2029F NPAT forecast (-11.5%/-16.6%/-9.2%/-10.6%/-13.0% for 2025/26/27/28/29F, respectively) which outweigh the positive effect of (3) rolling our TP forward to end-2026F.</li><li style="text-align: justify;">SSI delivered strong results in new customer acquisitions in 9M 2025, outperforming the top 10 brokerage firms as its combined market share across all three trading venues rose to 11.2% from 8.4% in 2024. </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 decrease our target price (TP) for SSI by 5.4% to VND38,600/share but upgrade our rating to BUY from OUTPERFORM as SSI’s share price has declined 21.9% over the past two months.Our lower TP is mainly due to the 20% rights issuance at a discount (VND15,000/share) in January 2026, which will dilute the share price and a 12.2% cut to our aggregate 2025–2029F NPAT forecast (-11.5%/-16.6%/-9.2%/-10.6%/-13.0% for 2025/26/27/28/29F, respectively) which outweigh the positive effect of (3) rolling our TP forward to end-2026F.SSI delivered strong results in new customer acquisitions in 9M 2025, outperforming the top 10 brokerage firms as its combined market share across all three trading venues rose to 11.2% from 8.4% in 2024. 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.

SSI [BUY +20.7%] - Strong ADTV Outlook; Aggressive Margin Lending Activities - Update

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

<ul><li>We decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. </li><li>Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.</li><li>This outweighs the positive effect of rolling our TP to end-2026F.</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 decrease our target price (TP) for STB by 11.2% to VND55,400/share and maintain our OUTPERFORM rating as STB’s share price has decreased 19.6% over the past two months. Our lower TP is mainly due to (1) an 11.7% decrease in our aggregate 2025-2029F NPAT forecast (-19.2%/-50.9%/+25.6%/-0.1%/-15.4% in 2025/26/27/28/29F, respectively), and (2) the negative impact of shifting proceeds from the 32.5% stake sale from 2026F to 2027F due to delays in the SBV’s approval.This outweighs the positive effect of rolling our TP to end-2026F.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.

STB [OUTPERFORM +13.1%] - Short-Term Restructuring Pain; Major One-Off Gain in 2027F - Update

PetroVietnam Power Corp / Equity Bottom-Up

PetroVietnam Power Corporation operates as a power generation company. The Company specializes in production, transmission, and distribution of electricity, as well as owns, develops, and installs electrical and thermal power plants. PetroVietnam Power serves customers in Vietnam.

<ul><li>We raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.</li><li>Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.</li><li>We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). </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 raise our target price (TP) for POW by 17.2% to VND14,300/share and maintain our OUTPERFORM rating.Our higher TP is driven by (1) the positive impact of rolling our TP horizon forward to end2026F (2) and a lower net debt projection (9M CFO was up 4x YoY with EVN’s faster payment), while our aggregate 2026-2030F NPAT-MI forecast is unchanged.We maintain our aggregate NPAT-MI forecast due to: (1) 32% higher aggregate NPAT from Nhon Trach 2 (NT2) (see our NT2 Update Reports, dated July 18, 2025, dated October 21, 2025, and dated December 10, 2025), (2) an 80% higher aggregate NPAT projection for Hua Na (driven by higher output projections), and (3) 5% higher aggregate NPAT from Vung Ang (due to a 3% lower heat rate and lower provision for insurance compensation from PVI). 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.

POW [OUTPERFORM +15.3%] - Nhon Trach 3&4 to Drive Longer-Term Earnings Growth - Update

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

PetroVietnam Power NhonTrach 2 Joint Stock Company engages in the production, transmission, and distribution of electricity in Vietnam. It manages, operates, and exploits combined cycle gas turbine power plants. The company is also involved in the construction and operation of power works; provision of support services for water transport; warehousing and storage of goods; transportation of goods through road and inland waterways; architectural and engineering, and technical consultancy related services; professional, scientific, and other technology services; and vocational education services comprising training of human resources in the management, operation, maintenance, and repair of thermal power projects. In addition, it engages in the wholesale of solid, liquid, gas, and related products; and wholesale of machinery, equipment, and other machine parts. The company was founded in 2007 and is based in Nhon Trach, Vietnam. PetroVietnam Power NhonTrach 2 Joint Stock Company is a subsidiary of Petro Vietnam Power Corporation.

<ul><li>We raise our target price (TP) for NT2 by 5.1% to VND28,600/share, mainly due to our 7% higher 2025-30F aggregate reported NPAT projection (respective changes of +10%/+10%/+6%/+5%/+5%/+5%). </li><li>Our higher 2025-30F aggregate reported NPAT projection is mainly due to: (1) our projected 8.5% lower heat rate starting from 2026, (2) our 22%/8% higher sales volume projections for 2026/27F following the Ministry of Industry and Trade (MoIT)’s 2026 strong mobilization plan for gas-fired power plants (+32% YoY) and industry players’ guidance for Nhon Trach 2 (NT2)’s potential volume of 4.6bn kWh in 2026, which outweigh (3) our projection of lower sector CGM prices by 7% on average and (4) a 4% higher gas price forecast in 2027.</li></ul><ul><li>We forecast 2025 NPAT to grow 10x YoY with estimated Q4 NPAT of VND315bn (4.2x YoY). </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 raise our target price (TP) for NT2 by 5.1% to VND28,600/share, mainly due to our 7% higher 2025-30F aggregate reported NPAT projection (respective changes of +10%/+10%/+6%/+5%/+5%/+5%). Our higher 2025-30F aggregate reported NPAT projection is mainly due to: (1) our projected 8.5% lower heat rate starting from 2026, (2) our 22%/8% higher sales volume projections for 2026/27F following the Ministry of Industry and Trade (MoIT)’s 2026 strong mobilization plan for gas-fired power plants (+32% YoY) and industry players’ guidance for Nhon Trach 2 (NT2)’s potential volume of 4.6bn kWh in 2026, which outweigh (3) our projection of lower sector CGM prices by 7% on average and (4) a 4% higher gas price forecast in 2027.We forecast 2025 NPAT to grow 10x YoY with estimated Q4 NPAT of VND315bn (4.2x YoY). 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 +31.3%] - 2026F NPAT to Grow Further on Record High Five-Year Volume - Update