Consumer

Strong demographic tailwind, new growth sectors emerging

February 2024

Nam Hoang Ha Huynh

Associate Director Senior Analyst
nam.hoang@vietcap.com.vn ha.huynhthu@vietcap.com.vn
+8428 3914 3588 ext.124 +8428 3914 3588 ext.185

Han Mai Ngan Ly

Analyst Analyst
han.mai@vietcap.com.vn ngan.ly@vietcap.com.vn
+8428 3914 3588 ext.538 +8428 3914 3588 ext.532
Vietnam’s long-term secular trends to fuel growth of companies
under our coverage (1)

Shift
Rising income from traditional to Digital adoption
modern retail

Jewelry Education Grocery Pharmacy TowerCos TelCos

Branded jewelry FPT University’s Modern chain Modern chain TowerCos’ tower FPT’s fixed-broadband
penetration new enrollment penetration penetration ownership penetration

33% 18% 11% 11% 9% 19%

Total private enrolment 1 : TAM 2: USD 50bn TAM: USD 8bn Total no. of towers: 89.1K Total subscribers: 22.1mn
125.6K

PNJ FPT MWG, MSN FRT CTR FPT

Source: NielsenIQ, Euromonitor, IQVIA, Gfk, Gartner, Vietcap estimates; 1Total number of students newly enrolled in private 2
universities; 2 Total addressable market; 3Data includes Laptop/PC/Tablet (USD1.3bn), consumer electronics (USD4.7bn), and
smartphones (USD4.7bn).
 Vietnam’s long-term secular trends to fuel growth of companies
under our coverage (2)

Shift
Rising income from traditional to Digital adoption
modern retail

Jewelry Education Grocery Pharmacy TowerCos TelCos

23-28F
Sales 15% 33% 15% 22% 30% 6%
CAGR 1

24F/25F 12%/19% 37%/35% 22%/14% 36%/23% 52%/41% 7%/7%

sales YoY

PNJ FPT MWG, MSN FRT CTR FPT

Source: 1 Vietcap’s combined sales forecasts of stocks under coverage for each sector; 2 the surge in sales was due to the (1) full- 3
year contribution of store expansion in 2022 for Long Chau and An Khang coupled with (2) Long Chau’s store expansion in
2023/24.
Structural trends to support recovery and long-term growth of
key sub-sectors in Vietnam’s consumer market

Ample growth headroom remains due to the shift from traditional to

modern grocery trade
 Vietnam grocery retail at first glance

Extensive room for further modern grocery penetration 1 Ex- HCMC & Hanoi regions present huge growth opportunity 1
Annual grocery spending/capita (USD - LHS) No. of modern grocery stores
Modern grocery penetration % (RHS) Monthly income/capita in 2022 (VNDmn)
15 10.0
1,000 80%
15 Stores for every 100k people
9.0
8.0
800
60% 7.0
600
10 6 3.8x 6.0
Median penetration: 34% 40% 1.6x 5.0
400 4 4.0
5 3.0
20%
200
11% 4 2.0
Stores for every 100k
1.0
people
0 0% 0 0.0
China Indonesia Philippines Thailand Vietnam HCMC & Hanoi Rest of the country

Key players in modern grocery sector

Top 4 players each hold ~20% market share as of YE 2023

Mobile World (HOSE: MWG) Masan Corp (HOSE: MSN)

Minimart: Co.op Food Minimart: Lanchi Mart

Minimart: WIN, WinMart+ Supermarket: Co.opmart Supermarket: Tops Markets, go!
BHX minimart Supermarket: WinMart Hypermarket: Co.opXtra Hypermarket: GO!

2019 – 23 sales 49% 12% 0% 2 16% 2

CAGR

Source: GSO, Euromonitor, World Bank, Company disclosure, Vietcap. 1 Data as of YE 2023; 2 Euromonitor estimate 5
 Minimarts emerge as key growth driver

Minimarts’ share rose in rural areas and urban key cities 1 WCM & BHX dominate store count share in minimarts 2

Hypermarket & Supermarket Minimart Online Others WCM BHX Others

30%
28%
25%
20%
15% 5% 50%
7%
99%
10%
72%
5%
2%
0% 34%
2018 2023 2018 2023

Urban 4 key cities Rural North Central South

WCM & BHX outperform sales/sqm of Vietnam’s modern sector average 3

Monthly sales/sqm (VNDmn)

5.5
5.1
4.5

2.3% 1.6%
EBITDA margin EBITDA margin

WCM BHX Vietnam's modern grocery average*

Source: Kantar Worldpanel, Euromonitor, Company disclosure, Vietcap. 1Value contribution to FMCG retail market by channel; 6
2Market share among leading modern minimart chains data as of Feb 2024; 3Data as of 2023; * Vietcap’s estimate from
Euromonitor ‘s data as of 2022.
 Leading minimart players are getting nearer to bottom-line
profitability after a period of restructuring

Total sales and forecasts EBITDA margin % improves

VND tn BHX WCM BHX WCM

80 +9 ppts +11 ppts
2023-28F CAGR: 13% 2023-28F CAGR: 17% 4% 4%
2%
60 2%

40

20

0
2019 2021 2023 2024F 2026F 2028F 2019 2021 2023 2024F 2026F 2028F 2019 2023 2028F 2019 2023 2028F

EBIT margins are approaching to break-even level in 2023

We forecast WCM/BHX will contribute full-year operating profit to its parent from 2024F/25F, respectively

BHX WCM
4%

0%

-4%

-8%

-12%

-16%
2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F

Source: Company disclosure, Vietcap 7

Vietnam's pharmacy sector is set for sustainable high growth

Pharmaceutical spending/capita as of 2022 Pharmaceutical sales via retail vs hospital channel

USD bn
116 TTM1 2020-23
10
USD8.3bn CAGR
8
81 +7%
6

2 +11%

0
2020 2021 2022 TTM Q3 2023

China Vietnam Retail Hospital

Top four modern chains account for ~11% of total market Vietnamese’s market remains underpenetrated in comparison
with China

China one modern pharmacy serves ~4k people

Other retail
stores
Top four
Vietnam one modern pharmacy serves ~33k people
modern
chains, 11% No. of people (thousands) served by 1 modern store in each Vietnam’s region
Hospital
drugstores
60
38

North Central South

Source: Company disclosure, Statista, IQVIA, Vietcap 8

 Long Chau of FPT Retail (HOSE: FRT) is well-positioned to be
the long-term champion in Vietnam’s modern pharmacy sector

LC’s stores account for major share (*) in all Vietnam’s LC surpasses its competitors in both sales/store & profitability
region
Long Chau Pharmacity An Khang Trung Son Others 2023 monthly sales/store (USD thousand)

22% 43
21%

32%
0.8%
71% Net margin
61% 18 Negative Negative
Net margin
16 Net margin
38%

North Central South Long Chau Pharmacity An Khang

LC’s sales and forecasts LC’s profitability and forecasts

VND tn Sales (LHS) Store count (RHS) 6%
6% 5%
40 3,000 4% 4% 4%
3% 3%
2023-28F sales CAGR: 20% 3%
1%
2,500 2% 1% 1%
30 0%
2,000
-2%
20 1,500 -4%
1,000 -6% -8% -7%
10
500 -8%
2019

2019
2026F

2026F
2023

2023
2024F

2024F
2021

2021
2028F

2028F
0 0
2019 2021 2023 2024F 2026F 2028F
EBITDA margin Net margin

Source: Company disclosures, Vietcap. Note:(*) Store count market share among major modern pharmacy chains. 9
Structural trends to support recovery and long-term growth of
key sub-sectors in Vietnam’s consumer market

Long-term rise in middle-income and affluent class remains intact,

which supports the solid growth of spending for discretionary goods
and education
Vietnam’s growing middle-income class to increasingly favor
buying jewelry from reputable brands

Growth in branded jewelry’s market share Modern jewelry store 1 presence by region

Branded jewelry Unbranded jewelry PNJ's store count (LHS)

Modern store count of other players (LHS)
2022 33%
Modern store count /100k people (RHS)

400 1
2019 21% 300 0.8
0.6
200
0.4
2017 18% 100 0.2
0 0
0% 20% 40% 60% 80% 100% North Central South

Phu Nhuan Jewelry (HOSE: PNJ)’s jewelry retail and wholesales revenue
VND tn
PNJ's retail & wholesales sales (LHS) YoY (RHS)
50 80%

40 2023-28F CAGR: 15% 60%

30 40%

20 20%

10 0%

0 -20%
2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F

Source: Euromonitor, GSO, Company disclosures, Vietcap (1Total store number of PNJ, DOJI, SJC and other modern players) 11
Robust educational spending fostered by rising income and
substantial demand for high-skilled labor force training

Vietnamese households’ expenditure on education has Key industries face labor shortages as number of
been increasing rapidly over the past five years trained workers in Vietnam remains low
2023 trained workers1 by education level, as % of total workers

7.1% 26.4%
* Annual tech labor shortfalls in Vietnam
CAGR (est. in 2023):
USD
’17-'22 ICT: 200,000
700
China 6% Semiconductor: 20,000 – 50,000
3.7%
600 4%
Philippines
3.7%
0%
500 Malaysia
11.9%
Vietnam 8%
400
4%
Indonesia
300

200 1%
Thailand
University and College Secondary Elementary Total
100
higher vocational vocational
2017 2018 2019 2020 2021 2022 education training training

Source: Euromonitor, Vietnam National Innovation Center (VNIC), GSO, FPT, Vietcap. 1 workers at 15 years old and above 12
FPT is Vietnam’s premier IT training hub

Extensive school networks and land banks across Vietnam Comprehensive value chain which targets middle-affluent
families and STEM1 training waves in Vietnam

University &
K-12 Vocational
College

Standard program Bilingual program

• National MOET2 • FPT & global IT/education partners

curriculum training curriculum
• Oxford English • All teaching conducted in English
• STEM 4.0 • Post-grad opportunities to work at FPT
trainings or FPT’s partners
Paracel Islands
145K full-time
equivalent students Ample growth headroom for tuition fees
Avg. tuition fee of selected private schools in Vietnam (USD/year)
Vietcap’s forecast
33% 33.6K
Premium 27.3K
2023-28F PBT CAGR
16.4K Vin
58 ha University land areas ISHCM, BIS,
AIS, TH RMIT, BUV, Fulbright
Mass premium 8.7K 8.9K
6.1K
Vstar, Hong Bang, Van
Wellspring, 4.0K
Spratly Islands Vin Lang, Hoa Sen
LSTS
FPT
Avg. income/capita
2.8K 3.9K
per year
FPT University FPT
Private K-12 Private universities

Source: FPT, GSO, local media, Vietcap. 1Science, technology, engineering, and mathematics; 2Ministry of Education & Training. 13
Structural trends to support recovery and long-term growth of
key sub-sectors in Vietnam’s consumer market

Rapid growth in digital adoption to continue in the medium term

Increasing investment to backbone infrastructure of AI is the
key medium-term story for Vietnam’s fast growing tech sector

We mainly see investment opportunities in the foundational stacks of AI technology

App software AI-applied apps AI applications open to thousands of

companies

Store, process, manage data.

Data infrastructure E.g. Data centers, data warehouses

Model
infrastructure Data Data to feed AI applications.

Foundation models Large language models being built.

E.g. GPT-4

Infrastructure needed to train AI models.

Cloud infrastructure E.g. AWS, Microsoft Azure
Compute
infrastructure Chips and semiconductors that are the
Semis and hardware building blocks of computational power.

Source: BlackRock analysis, Vietcap 15

FPT as a market leader is set to harness technological
investment trends in global market and Vietnam
Moving up the value chain to consulting and digital transformation services since 2018, FPT is now recognized globally
as a major contender in the global software services industry

* FPT University established

the Semiconductor Circuit * Acquired French IT
Faculty consulting firm AOSIS
Acquired US-based IT Acquired US-based * Nvidia wanted to partner Acquired a minority stake in * Nvidia’s CEO Jensen
consulting firm IT service firm with FPT, VIC and Viettel on US-based AI platform-as-a- Huang visited Vietnam
Intellinet Intertec AI development in Vietnam service player Landing AI and FPT

Feb Sep Oct Dec

2018
2023 2023 2023 2023

Acquired US product service FPT Launches

firm Cardinal Peak Automotive
Technology Subsidiary

Source: FPT, local press,Vietcap 16

Opportunities arising from changes in mobile data technology
applications
The rollout of the 5G network to further boost network 2G & 3G to be shutdown in the medium term
densification demand

End-2022 Viettel shut down majority of its 3G towers

September
Mandatory 2G shutdown in Vietnam
2024*

Before
Tentative 3G shutdown in Vietnam
end-2026*

2G, 3G 4G, 5G
We expect a mass roll out of 5G in Vietnam in 2024
following the success of the 5G frequency band
auction
Number of
Auction date Status
spectrums

4G 5G May-June 2023 3 bands Failed

December 2023 1 band Cancelled

March 2024 3 bands To be bid

Source: Vietnam’s Ministry of Information and Communication (MIC), Vietcap. Note: (*) MIC’s plan. 17
CTR to capitalize on improving 4G coverage and potential
rollout of a 5G network in Vietnam
No. 1 Towerco in Vietnam leveraging on Viettel’s No 1. CTR is well-positioned to capture robust new tower demand
mobile telecom position (**)
100,000
155,000
CTR:
80,000 26%
CTR:
80% CAGR*
60,000
CAGR
50,665 40,000

6,436 8,200 20,000

0
CTR Asian peer CTR & Viettel Median of top 2020 2023 2028F
median 5 Asian
towercos Viettel's towers CTR's towers Potential 5G towers

Ample headroom for profitability increase on the Rising towerco EBITDA to drive CTR’s long-term earnings
current low tenancy rate
VND bn
2.5 2,500 60%
2.1
2,000
1.8
1.6 31% 40%
1.5 1,500 CAGR
1.2 1,000
1.03 88% 20%
500 CAGR

0 0%
2020 2023 2028F
CTR's towerco EBITDA - LHS
CTR Vietnam China Myanmar Indonesia India The U.S.
CTR's EBITDA (excluding towerco) - LHS
Towerco EBITDA as % of total EBITDA - RHS
Source: TowerXchange, CTR, Vietcap. Note: (*) Based on our forecast for CTR’s tower count without 5G towers; (**) Asian peers’ 18
data as of the end of 2022.
Consumption downturn bottoms out; early signals suggest
gradual recovery
Early signals emerge suggesting a gradual recovery for 2024 (1)

Consumers’ outlook for the next 12 months 1 Consumers’ financial situation 2

88 84 82 86 88 Struggling Managing Comfortable

76 72 73 75
69 67
65 19 54 20 21 24 28 28 25 30

59 53 54 53 52 52 55
54
37
22 27 25 23 20 20 20
9 16
Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q4 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2021 2022 2023
2019 2021 2022 2023

YoY growth in Index of Industrial Production (IIP) in The S&P Global Vietnam Manufacturing (PMI) in January
January shows strong momentum since August 2023 marked the first expansion in the past five months
30% 60
18.3%
55
20%
50.0
50
10%
45
0%
40
-10% 35

-20% 30

Source: GSO, Kantar Worldpanel Division, Consumer confidence survey in Vietnam four key cities. 1 Survey query: “The economic
situation will be better or the same as today in the next 12 months; 2 Survey query: “How do you evaluate the current financial 20
situation of your household?”
Early signals emerge suggesting a gradual recovery for 2024 (2)

Vietnam’s retail sales value and growth PNJ’ s monthly revenue of retail sales
Monthly retail sales of goods (LHS) YoY (RHS) % VND tn
VND tn
450 40 2.5 2020 2021 2022 2023 2024

2.0
350
20
1.5
250 7.3
1.0
0
150
0.5

50 -20
0.0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Vietnam’s monthly sales volume of passenger cars

Thousand 2020 2021 2022 2023 2024
60

50

40

30

20

10

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Gfk, PNJ, Vietnam Automobile Manufacturers’ Association (VAMA) and Hyundai Thanh Cong, Vietcap 21
Government support measures lay foundation for recovery in
2024

2023 2024

Selective policy rates cut on March 14

Extension of VAT deduction Public sector salary reform1
Policy rates cut on April 3 Effective from Jan 1 – Jun 30, 2024 Effective from Jul 1 , 2024
(~50 bps)
Policy rates cut on May 23
(~50 bps) The VAT cut could directly benefit To enhance civil servants' income and
Policy rates cut on June 16 Bach Hoa Xanh (MWG), MSN quality of life, boost labor productivity,
(~25-50 bps) (excluding MHT), VNM, QNS, and PNJ. and support economic growth.

Value added tax (VAT) cut

Government approved VAT deduction to 8%

from 10%, excluding telecommunication,
information technology, financial activities,
banking activities, securities, insurance, real
estate, metal, precast metal products, mining
products, coke mining, refined oil, chemical
products, goods, and services subject to the
excise tax.

Car registration fee cut

Government approved to slash the
registration fees for domestically produced
and assembled cars by 50%.

Source: Vietcap, 1 Please refer to our Macro Flash Note "Salary reform to boost GDP growth" 22
Stronger 2024 economic backdrops stimulate the gradual
recovery of matured FMCG and ICT & CE retailing
 FMCG sales under our coverage 1 to deliver a combined sales
CAGR of 6% in 2023-28F
Historical FMCG 2 & GDP trend are relatively aligned

40%
GDP growth FMCG value growth
30%

20%

10%

0%

-10%

-20%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2018 2019 2020 2021 2022 2023

Combined forecast FMCG sales under coverage 1 EBIT margin in 2023-27F

VND tn Combined FMCG sales (LHS) YoY (RHS) VNM MCH SAB*
150 10%
22%

100 5% 20%

17%
50 0%
15%

0 -5% 12%

Source: 2 Nielsen, Vietcap forecast,1 FMCG sales under our coverage include domestic sales of VNM, MCH, QNS’s soymilk and 24
SAB, * Blended EBIT/beer revenue.
 ICT & CE retail sales under our coverage to deliver a combined
sales CAGR of 5% in 2023-28F, following a fall of 19% in 2023F
Combined ICT sales for retailers under our coverage 1

VND tn Combined ICT sales (LHS) YoY (RHS)

150 25%

15%
100
5%

-5%
50
-15%

0 -25%
2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F

ICT & CE’s GPM ICT & CE’s OPM

TGDD & DMX FPT Shop TGDD & DMX FPT Shop

25% 12%
23% 10%
21% 8%
19% 6%
17% 4%
15% 2%
13% 0%
11% -2%
9% -4%

Source: Company disclosure, Vietcap forecast, 1 Combined ICT sales includes sales of TGDD & DMX (MWG) and FPT Shop (FRT). 25
Consumer Sector: Key data

Code Rating Market State Foreign Foreign ADTV Share Target Target price, Upside Div. 12M TSR
cap, O'ship limit avail, 30D, price, price, updated yield
USD mn USD mn USD mn VND ps VND ps
SAB BUY 2,996.1 36.0% 49.0% 1,158.3 2.5 57,000 73,000 22/02/2024 28.1% 5.8% 33.9%
VEA BUY 1,987.8 88.5% 49.0% 901.8 0.5 36,500 40,500 23/02/2024 11.0% 15.8% 26.8%
MWG BUY 2,637.1 0.0% 49.0% 110.5 16.2 44,000 54,800 23/02/2024 24.5% 0.0% 24.5%
FPT BUY 5,407.8 5.8% 100.0% 0 13.2 103,900 125,700 19/02/2024 21.0% 2.2% 23.2%
MSN BUY 3,911.4 0.0% 49.0% 831.2 7.6 66,700 80,400 22/11/2023 20.5% 0.0% 20.5%
VHC O-PF 594.2 0.0% 49.0% 403.1 1.7 64,600 72,400 06/02/2024 12.1% 3.1% 15.2%
VNM O-PF 6,081.4 36.0% 100.0% 2,863.7 10.4 71,000 76,100 24/11/2023 7.2% 4.8% 12.0%
QNS O-PF 702.2 0.0% 49.0% 234.0 1.6 48,000 51,500 29/12/2023 7.3% 4.2% 11.5%
PNJ BUY 1,203.9 0.0% 49.0% 0 6.4 87,800 92,200 02/11/2023 5.0% 2.3% 7.3%
CTR BUY 460 65.7% 100.0% 175.4 1.4 98,200 101,700 21/11/2023 3.6% 1.1% 4.7%
DGW M-PF 373 0.0% 49.0% 97.4 3.9 54,500 52,600 13/11/2023 -3.5% 0.0% -3.5%
FRT O-PF 731 0.0% 49.0% 98.5 3.4 130,900 112,700 09/11/2023 -13.9% 0.0% -13.9%

Source: Vietcap (share price as of February 23, 2024) 26

Consumer Sector: Summary valuations

Code Share EPS g EPS g EPS g P/E P/E P/E P/E EV/EBITDA ROE P/B Net D/E
price, 2024F 2025F 2026F TTM 2024F 2025F 2026F 2024F 2024F LQ LQ
VND ps x x x x x x
SAB 73,000 7% 6% 6% 18.2 16.9 16.0 15.1 9.9 18% 3.0 -87%
VEA 40,500 8% 7% 8% 6.4 6.8 6.5 6.0 5.1 27% 1.9 -51%
MWG 54,800 1250% 72% 45% 386.0 28.4 16.6 11.4 12.0 9% 2.8 3%
FPT 125,700 23% 27% 25% 20.3 18.2 14.3 11.4 9.6 29% 5.3 -35%
MSN 80,400 164% 97% 59% 226.9 85.8 43.6 27.4 9.6 4% 3.6 138%
VHC 72,400 70% 33% 22% 15.9 9.1 6.8 5.6 6.6 18% 1.7 -1%
VNM 76,100 11% 5% 7% 18.7 16.9 16.0 15.0 9.6 32% 4.7 -42%
QNS 51,500 -15% -6% 7% 11.4 7.9 8.4 7.8 6.3 20% 1.9 -47%
PNJ 92,200 4% 15% 15% 15.6 15.6 13.5 11.8 11.4 20% 2.9 7%
CTR 101,700 17% 27% 24% 21.8 22.2 17.5 14.1 9.8 28% 5.6 -12%
DGW 52,600 24% 25% 19% 25.2 20.7 16.5 13.8 18.0 15% 3.5 33%
FRT 112,700 N.M. 262% 65% N.M. 129.0 35.6 21.5 33.0 8% 11.2 346%

Source: Vietcap (share price as of February 23, 2024); 1 EPS, P/E, ROE are based on core earnings that exclude one-off financial 27
income while EBITDA includes profits from Techcombank (TCB)
Appendix 1: Traditional vs modern groceries in Vietnam

WinCommerce
WinCommerce (WCM) Bach Hoa Xanh (BHX)
WinMart+ WinMart supermarket Winstore

Street shops Wet market

Source: Vietcap’s compilation 28

Appendix 2: Traditional vs modern pharmacy stores in Vietnam

Long Chau (LC) An Khang

Pharmacity Traditional stores

` `

Source: Vietcap’s compilation 29

Appendix 3: Traditional vs modern jewelry stores in Vietnam

Phu Nhuan Jewelry (PNJ) DOJI

The Gioi Kim Cuong Mom-and-pop stores

` `

Source: Vietcap’s compilation 30

 Appendix 4: Vietnam car penetration vs regional peers

Number of passenger cars per 1,000 people

2017 2018 2019 2020 2021 2022

520
484
467 471

280
257
242250

48 53
29 29 38 21 23 25

Malaysia Thailand Philippines Vietnam

Source: Organisation Internationale des Constructeurs d'Automobiles (OICA), ASEAN Stats, Vietcap’s compilation 31
 Appendix 5: WinMart+ vs Bach Hoa Xanh

WinCommerce vs Bach Hoa Xanh’s total revenue WinMart+ (minimart) and Bach Hoa Xanh’s store count

WinCommerce*
WinMart+ Bach Hoa Xanh
USD mn Bach Hoa Xanh
Vietnam's modern grocery retailing 7,000
10,000 6,000
5,000
8,000
4,000
6,000 3,000
4,000 2,000
1,000
2,000
-
-

Bach Hoa Xanh vs WinMart+ selling prices

8.8%

1.0%
0.0% 0.0%

-1.0%

-8.0% -8.5%

-13.5%
Vegetable Pork Chicken Egg Rice Cooking oil Fish sauce UHT Milk

Source: company disclosure, Vietcap forecasts and compilations; *WinMart+’s sales contributed 67-68% to 2021-2022 WCM’s 32
sales
Appendix 6: WinMart+ vs Bach Hoa Xanh – Store locations

WinMart+ store locations Bach Hoa Xanh store locations

Paracel Islands Paracel Islands

Less than 20
Less than 100 stores
stores
20 – less than 50
More than 100 stores
stores
50 – less than 100
HCMC with 507 stores
stores
100 – 200 stores No store presence
HCMC with 600
stores; Hanoi with 879
stores

Spratly Islands Spratly Islands

Source: Company disclosures, Vietcap compilations; Data as of September 2023 33

Appendix 7: Key events in tech industry and FPT’s investment

Date Event description Impact of the event on FPT

23 Feb FPT announced its acquisition of 70% of US-based IT service firm Intertec. FPT Software is able to expand delivery centers and
bridge the time gap with clients in Latin America.
8 Sep FPT University and FPT Semiconductor JSC established the Semiconductor FPT is among the few top tech schools in Vietnam
Circuit Faculty. FPT University plans to cooperate with several US and Taiwan that is able to provide a semiconductor engineering
universities to design programs, textbooks, and training standards. curriculum and tap into rising demand for this major.
11 Sep Senior executives of top tech firms including Intel, Google, Marvell, Amkor, and The meeting signaled future investment to
Global Foundries attended Vietnam-US Innovation & Investment Summit to technology industry in Vietnam and potential
discuss future collaborations. Nvidia wanted to partner with FPT, VIC, and collaboration between FPT and semiconductor
Viettel on AI development in Vietnam. companies.
26 Sep FPT Semiconductor signed a strategic partnership with US-based Silvaco. FPT Enhance the growth prospect of FPT Semiconductor.
Semiconductor, FPT University, and Silvaco will develop human resources for chip
companies in the US and establish a semiconductor training center in Vietnam.
FPT will provide IP on Silvaco's platform and become the exclusive representative
and distributor of Silvaco's semiconductor software in Vietnam.
25 Oct FPT announced its acquisition of Landing AI. FPT acquired a minority stake in US- Improve AI-related service capabilities and develop AI
based AI research laboratory and platform-as-a-service player Landing AI. Landing talents.
AI will jointly open an engineering center in Vietnam to develop top-quality AI
talent; plan to create a specialized AI training curriculum for FPT’s K-12 students.
7 Nov FPT announced the acquisition of American product service firm Cardinal Strengthening FPT’s product design expertise and
Peak. Cardinal Peak is an American product engineering/design service provider, acquiring the large customer base of Cardinal Peak.
with an estimated annual revenue of USD20mn per year and a strong client base
of more than 300 companies including Meta and Amazon.
6 Dec FPT announced the acquisition of 80% of French IT consulting firm AOSIS. FPT wants to improve IT consulting capabilities and
AOSIS’s main prowess is in SAP, Data, Cloud, and Business intelligence solutions, exploit local expertise of AOSIS to expand service
with a focus on the aerospace, aviation, and transportation sectors. delivery in the European market.
11 Dec Nvidia’s CEO Jensen Huang visited Vietnam and FPT to express the intention of Potential collaboration on AI research and AI
establishing a chip production center in Vietnam. infrastructure (i.e. data center) development in
Vietnam.

Source: FPT, Vietcap 34

Top Picks
 FPT - Vietnam’s IT service powerhouse

Rating* BUY 2023 2024F 2025F 2026F

Share Price (Feb 23) VND103,900 Revenue (VND bn) 52,618 63,936 76,084 90,572 YTD
Target Price (TP)* VND125,700 %YoY 19.5% 21.5% 19.0% 19.0% FPT VNI
NPAT-MI (VND bn) 6,471 8,025 10,301 13,004 1Y
% YoY 21.9% 24.0% 28.4% 26.2%
Upside to TP +21.0% EPS % YoY 21.0% 23.1% 27.4% 25.3%
3Y ann.
Dividend Yield 2.2% GPM 38.6% 38.8% 38.9% 39.0%
TSR +23.2% EBITDA margin 20.3% 20.7% 20.7% 20.9%
0% 20% 40% 60%
PBT margin 17.5% 17.6% 18.3% 18.9%
Industry Tech/Telecom NPM 12.3% 12.6% 13.5% 14.4% Company Overview
Market Cap USD5.4bn P/OCF 13.9x 11.7x 10.0x 8.0x
FPT Corp is a technology/telecom conglomerate with
Foreign Room USD0mn EV/EBITDA 11.8x 9.6x 8.1x 6.7x
a market-leading position in technology services and
ADTV30D USD13.2mn P/E 22.4x 18.2x 14.3x 11.4x
a top-three market share in Vietnam's broadband
State Ownership 5.8% P/B 5.7x 4.8x 3.9x 3.2x
Internet market. Driven by its globalization strategy,
Outstanding Shares 1,271 mn ROE 28.1% 29.1% 30.6% 31.1%
FPT’s international revenue CAGR was 24% over the
Fully Diluted Shares 1,271 mn * TP and rating last updated February 19, 2024
last three years.

FPT boasts sustainable competitive advantages across its key businesses.

FPT’s Global IT Service business is riding on Vietnam's significant labor cost advantages and the company's strengthening capabilities in carrying
out end-to-end projects (i.e., from consulting to implementation) and digital transformation services.

FPT Education is recording strong student enrollment growth on the back of its rising reputation and acceleration of campus expansion. In addition,
this business serves as an important source of labor for FPT’s Global IT Service business.

The Telecom Services business (e.g., fixed broadband and data center) is on track to deliver double-digit profit growth in the next few years
thanks to rising demand for cloud computing and data localization.

We forecast a 25% EPS CAGR for FPT in 2023-2026F vs 2024F/2025F P/E at our TP of 22x/17x.

FPT boasts a strong financial position with net cash/equity of 35% as of end-2023, and we project its FCF/EV yield will step up from 4.4% in 2023 to
7.6% in 2026F.

Key downside risks: Failure to realize synergies from recent acquisitions; slower-than-expected recovery in global IT spending; fierce competition in
telecom from both fixed and mobile broadband rivals.

36
 MSN – Prime beneficiary of Vietnam’s consumption growth

Rating* BUY 2023 2024F 2025F 2026F

Share Price (Feb 23) VND66,700 Revenue (VND bn) 78,377 88,805 98,783 109,725 MSN VNI
YTD
Target Price (TP)* VND80,400 %YoY 2.9% 13.3% 11.2% 11.1%
EBIT % YoY -8.5% 37.1% 17.1% 14.9%
1Y
PBT % YoY -50.3% 68.3% 39.1% 33.6%
Upside to TP +16.7% NPAT-MI 1 (VND bn) 486 1,115 2,207 3,532
Dividend Yield 0.0% EPS 1 % YoY -82.3% 128.1% 97.0% 59.3% 3Y ann.
TSR +16.7% EBITDA margin 2 13.3% 13.8% 13.7% 13.5%
OPM 5.4% 6.6% 6.9% 7.2% -30% -20% -10% 0% 10% 20%
Industry Consumer NPM 1 0.6% 1.3% 2.2% 3.2% Company Overview
Market Cap USD3.9bn FCF/Sales -2.5% -0.9% 0.4% 0.9%
Masan Group specializes in consumer businesses
Foreign Room USD831mn EV/EBITDA 2 13.8x 12.0x 10.7x 9.5x
that span FMCG, the meat value chain and grocery
ADTV30D USD7.6mn P/E 1 195.8x 85.8x 43.6x 27.4x
retailing. Other businesses include metal-based
State Ownership 0.0% P/B 2.5x 2.3x 2.0x 1.8x
materials and a significant holding in Techcombank.
Outstanding Shares 1,431 mn ROE 1 1.8% 4.1% 7.6% 11.0%
Fully Diluted Shares 1,431 mn * TP and rating last updated November 22, 2023
1 Based on core earnings that exclude one-off financial income; 2 Core

EBITDA excludes profits from Techcombank (TCB).

We believe MSN is a proxy play on consumption growth in Vietnam driven by rising incomes, urbanization, and ongoing modernization. MSN owns
wide-ranging consumer businesses from food & beverage production to a nationwide retail network, each of which is fundamentally strong, but which
also share meaningful synergies.

MSN has sustained its leading market shares in some of the largest FMCG categories such as convenience foods, seasonings, and energy drinks
over the past five years. It is also the market leader in modern grocery retailing with the grocery chain WCM.

Over the past three years, management has positioned MSN more clearly as a consumer-led company, with increasing ownership and investments
in consumer-related businesses and divestment of the non-core feed business. The company is now targeting to reduce its ownership in another non-
core business, MHT, which we regard as a significant potential upside catalyst for MSN’s equity value.

We forecast EBIT CAGR of 23% In 2023-26F driven by (1) 17% EBIT CAGR in consumer-retail (i.e., combined EBIT of MCH, WCM, PL, and MML) and (2)
20% EBIT CAGR at MHT as the global economy recovers. We forecast MCH to deliver a 16% revenue CAGR and 15% NPAT-MI CAGR in 2023-26. In addition,
we expect grocery chain WCM to contribute VND150bn of operating profit to MSN in 2024F and 7-9% of MSN’s total operating profit in 2025-26.

Potential upside catalyst: strategic deals to increase liquidity; ownership reduction in MHT.

Key risks to our positive view: Weaker-than-expected Vietnamese consumption; profit volatility of MHT; weaker-than-expected operation progress at
WCM and PL.

37
 MWG – Prominent modern retailer with nationwide coverage

Rating* BUY 2023 2024F 2025F 2026F

Share Price (Feb 23) VND44,000 Revenue (VND bn) 118,280 125,016 132,900 144,875 MWG VNI
YTD
Target Price (TP)* VND54,800 %YoY -11.3% 5.7% 6.3% 9.0%
NPAT-MI (VND bn) 168 2,263 3,889 5,725
1Y
% YoY -95.9% 1250.0% 71.8% 47.2%
Upside to TP +24.3% EPS % YoY -95.9% 1250.0% 71.8% 45.0%
GPM 19.0% 20.0% 20.5% 21.0% 3Y ann.
Dividend Yield 0.0%
TSR +24.3% EBITDA margin 3.2% 4.3% 5.4% 6.3%
OPM 0.3% 2.1% 3.3% 4.2% -5% 0% 5% 10% 15% 20%
Industry Retailing NPM 0.1% 1.8% 2.9% 4.0% Company Overview
Market Cap USD2.6bn FCF/Sales 3.4% 3.2% 3.5% 3.0%
MWG owns the leading mobile phone and consumer
Foreign Room USD110.5mn EV/EBITDA 10.5x 7.3x 5.5x 4.4x
electronics chains in Vietnam with 2022 market
ADTV30D USD16.2mn P/E 384.0x 28.4x 16.6x 11.4x
shares of 60% and 50%, respectively. To sustain
State Ownership 0% P/B 2.8x 2.5x 2.2x 1.9x
strong long-term growth, MWG is rolling out the Bach
Outstanding Shares 1,463 mn ROE 0.7% 9.2% 14.1% 17.8%
Hoa Xanh minimart chain.
Fully Diluted Shares 1,463 mn * TP and rating last updated February 23, 2024

We believe MWG’s dominant physical footprint has put it in a prime position to not only grow its existing businesses but also potentially enter new
retail verticals. Specifically, we believe MWG remains well-positioned to seize the growing demand for modern grocery retail from increasingly
discerning consumers.

We believe BHX now has one of the most extensive fresh food assortments among modern grocery retailers, which is a sustainable competitive
advantage to attract customers. We estimate that BHX's fresh food sales constitutes 38% of its total sales and surpasses most competitors in
Vietnam's modern grocery retail sector. BHX's protein offerings, including meat and seafood, dominate fresh food sales, with several new strategic
suppliers in 2023. The chain procures substantial volumes of fruit and vegetables from local agricultural partners, enabling frequent diversification of
fresh products. Moreover, BHX has managed to convert its footfall into FMCG sales. BHX’s operational efficiency also strongly improved as its SG&A/store
(exclusive of D&A) dropped 7.5 ppts YoY to 23.8% (per our estimate) in 2023. With considerable potential for expansion in southern Vietnam, where BHX is
now a top-of-mind brand in modern grocery, we anticipate BHX to reach approximately 3,500 stores over the next eight years.
We maintain our conservative projections for TGDD & DMX’s margins in 2024-28F. We expect MWG’s ICT sales to grow 1%/4%. We forecast the chains’
combined GPM/OPM to recover from 16.9%/2.3% in 2023 to 17.4%/3.8% in 2024F and 18.3%/5.9% in 2028F, respectively. However, our projection still
implies that ICT’s profitability will remain below pre-COVID levels (i.e., 2018-2019) in the next five years.

Potential upside/downside risk: Stronger/weaker-than-expected improvement in BHX or/and ICT profitability.

38
 PNJ – Unquestioned leader in Vietnam’s fashion jewelry market

Rating* BUY 2023 2024F 2025F 2026F

Revenue (VND bn) 32,025 35,361 40,488 46,070 PNJ VNI
Share Price (Feb 23) VND87,800 YTD
Target Price (TP)* VND92,200 %YoY -5.5% 10.4% 14.5% 13.8%
NPAT-MI (VND bn) 1,800 2,007 2,312 2,680 1Y
% YoY -0.6% 11.5% 15.2% 15.9%
Upside to TP +5.0% EPS % YoY -1.2% 9.3% 15.2% 14.7%
3Y ann.
Dividend Yield 2.3% GPM 18.4% 19.2% 20.4% 21.6%
TSR +7.3% EBITDA margin 7.5% 7.4% 7.4% 7.5%
0% 5% 10% 15% 20%
OPM 7.2% 7.2% 7.2% 7.3%
Industry Jewelry NPM 5.6% 5.7% 5.7% 5.8% Company Overview
Market Cap USD1.2bn FCF/Sales 8.7% 4.4% 3.7% 5.3%
PNJ is the leading jewelry producer and retailer in
Foreign Room USD0mn EV/EBITDA 16.5x 15.0x 13.1x 11.4x
Vietnam with an extensive store network of 390
ADTV30D USD6.4mn P/E 16.7x 15.3x 13.2x 11.5x
jewelry stores as of September 2023.
State Ownership 0% P/B 2.9x 2.6x 2.3x 2.1x
Outstanding Shares 323.5 mn ROE 19.7% 19.7% 20.2% 20.7%
Fully Diluted Shares 328.1 mn * TP and rating last updated November 2, 2023

As Vietnam’s dominant fashion gold jewelry company, PNJ is benefiting from the rapid growth of discretionary spending in Vietnam. We believe
PNJ’s resilient middle-affluent customer base — coupled with its superior production and marketing capabilities as well as wide store network — should
enable the company to lead the growth of Vietnam’s fashion jewelry industry.

PNJ has outperformed its competitors in terms of store expansion and customer base growth despite retail headwinds. PNJ has managed to secure
48 new gold stores in 2023, outperforming its competitors DOJI and SJC, who each closed six stores in 2023, according to our research. Additionally, PNJ
has grown its cumulative customer base by approximately 40% as of end-2023. These developments should contribute significantly to PNJ's growth when
middle-affluent consumption recovers.

In the medium to long run, we anticipate that Vietnam’s growing middle-income class will increasingly favor buying jewelry from reputable brands as
opposed to purchasing it from unbranded mom-and-pop stores, who still accounted for 67% of Vietnam’s jewelry market in 2022 (vs 82% in 2017)
according to Euromonitor. As such, we forecast a retail revenue CAGR of 18% in 2023-26F, which corresponds to our 2023-26F EPS CAGR forecast of
13%.

Valuations: Our TP puts PNJ’s 2024F/25F P/E at 15x/13x, respectively, which are broadly in line with our average five-year peer median TTM PER of 16x.
Downside risk/upside potential: Weaker/stronger-than-expected jewelry demand and store expansion; weaker/stronger-than-expected improvement
in retail profitability.

39
 CTR – Emerging towerco riding on Vietnam’s booming data
consumption
Rating* BUY 2023 2024F 2025F 2026F
Share Price (Feb 23) VND98,200 Revenue (VND bn) 11,299 12,556 14,679 16,176 YTD CTR VNI
Target Price (TP)* VND101,700 % YoY 19.4% 11.1% 16.9% 10.2%
NPAT-MI (VND bn) 517 604 766 948 1Y
% YoY 13.5% 16.9% 26.8% 23.7%
Upside to TP +3.6% EPS % YoY 13.5% 16.9% 26.8% 23.7%
3Y ann.
Dividend Yield 1.1% GPM 7.8% 8.2% 8.7% 9.5%
TSR +4.7% OPM 5.6% 6.2% 6.7% 7.5%
EBITDA margin 7.9% 8.9% 9.6% 10.2% 0% 20% 40% 60% 80%
Industry Telecom infra. NPM 4.6% 4.8% 5.2% 5.9% Company Overview
Market Cap USD460mn EV/EBITDA 12.3x 9.8x 7.8x 6.6x Viettel Construction is a subsidiary of Viettel Group —
Foreign Room USD175mn P/E 21.8x 22.2x 17.5x 14.1x the No. 1 telco in Vietnam. CTR is the largest
ADTV30D USD1.4mn P/B 5.6x 4.8x 4.0x 3.3x independent telecom infrastructure leasing firm
State Ownership 65.7% ROE 28.5% 28.4% 29.9% 30.5% (towerco) in Vietnam.
Outstanding Shares 114.4 mn ROA 8.0% 7.7% 8.2% 8.7%
Fully Diluted Shares 114.4 mn * TP and rating last updated November 21, 2023

CTR is Vietnam’s No.1 towerco, top contractor and operator of telecom infrastructure, boasting cost competitiveness while
leveraging the business of its parent company Viettel — Vietnam’s no. 1 telco. We believe CTR will capitalize on Vietnam’s rising mobile
data consumption — especially via its fast-growing infrastructure leasing (towerco) business.
The towerco business — via which CTR builds telecom towers and leases them to mobile network operators (MNOs) — boasts high-margin
recurring revenue (est. EBITDA margin of 60%+) and rapid growth potential due to trends of infrastructure outsourcing and sharing among
MNOs.
We forecast a 19% EBITDA CAGR in 2023F-2028F — led by a 30% CAGR in towerco — as we project CTR will expand its own tower count
from a low base of 6,436 as of YE2023 to 20,786 by YE2028F.
Valuations: Our TP implies 2024-25F EV/EBITDA of 10.3x/8.2x, which we believe is justified due to CTR’s robust EBITDA growth outlook led
by towerco business.
Risks to our positive view: Slow mobile data consumption growth; Viettel prioritizing its ownership of towers instead of outsourcing to
CTR; unwillingness to share towers among telcos.

40
 SAB – Leading beer company with gradual profitability
improvement
Rating* BUY 2023 2024F 2025F 2026F
Share Price (Feb 23) VND57,000 Revenue (VND bn) 30,461 32,267 33,388 34,670 YTD SAB VNI
Target Price (TP)* VND73,000 %YoY -12.9% 5.9% 3.5% 3.8%
NPAT-MI (VND bn) 4,118 4,416 4,670 4,931 1Y
% YoY -21.2% 7.2% 5.8% 5.6%
Upside to TP +28.1% EPS % YoY -21.2% 7.2% 5.8% 5.6%
3Y ann.
Dividend Yield 5.8% GPM 29.8% 30.4% 31.0% 31.2%
TSR +33.9% OPM 12.5% 13.5% 13.9% 14.2%
EBITDA margin 15.9% 16.3% 16.6% 16.8% -60% -40% -20% 0% 20%
Industry Brewery NPM 13.5% 13.7% 14.0% 14.2% Company Overview
Market Cap USD3.0bn EV/EBITDA 10.8x 9.9x 9.4x 9.0x Sabeco is one of the largest brewers in Vietnam. It
Foreign Room USD1.2bn P/E 18.2x 16.9x 19.0x 15.1x currently has 26 breweries across Vietnam, boasting
ADTV30D USD2.5mn P/B 3.0x 3.1x 3.0x 3.0x a total capacity of more than two billion liters.
State Ownership 36.0% ROE 17.4% 18.2% 19.2% 20.1%
Outstanding Shares 1,282.6 mn ROA 12.4% 13.6% 14.2% 14.7%
Fully Diluted Shares 1,282.6 mn * TP and rating last updated February 22, 2024

SAB is a compelling defensive choice due to its solid financial position and cash flow.
SAB on the back of its household brand and extensive distribution is well-positioned to capture Vietnam’s rising beer consumption
due to (1) a gradual rebound in beer consumption and (2) long-term favorable demographics with a young population at the drinking age. In
terms of profitability, we expect that SAB still has headroom for margin expansion due to (1) operational and commercial optimization, (2)
decreased input costs due to high base in 2023, and (3) more efficient marketing strategies.
Going forward, we expect that SAB’s long-term earnings growth can be driven by the low base in the mass premium market on the
robust growth of the middle and affluent class in Vietnam. We currently forecast SAB’s EPS growth at 6% CAGR in 2023-28F.
Valuations: SAB is currently traded at a projected 2024F P/E of 17.2x vs its 10-year average of peer median P/E of 26.9x. Our TP puts SAB’s
2024F/25F P/E at 21.7x/20.5x.
SAB will maintain a cash dividend ratio of 30%-35% on par (VND3,300-3,500/share) in 2024-2026F implying a dividend yield of 5.8%-
6.1% at the current closing price.
Risks to our positive view: Weaker beer consumption; market share loss; higher advertising & promotional (A&P) spending due to stiff
competition; greater input cost volatility.

41
 VEA – Exposure to long-term growth of Vietnam’s auto and
motorbike markets
Rating* BUY 2023 2024F 2025F 2026F
Share Price (Feb 23) VND36,500 Revenue (VND bn) 3,843 4,111 4,399 4,751 YTD
Target Price (TP)* VND40,500 %YoY -19.1% 7.0% 7.0% 8.0%
VEA VNI
Associate (VND bn) 5,639 6,349 6,933 7,555
1Y
% YoY -19.3% 12.6% 9.2% 9.0%
Upside to TP +11.0% EPS % YoY -18.2% 8.3% 7.2% 8.3%
GPM 11.8% 11.8% 11.8% 11.8% 3Y ann.
Dividend Yield 15.8%
TSR +26.8% OPM -6.1% -6.1% -6.1% -6.1%
PBT margin 170.2% 168.4% 168.0% 168.2% -5% 0% 5% 10% 15%
Industry Automobiles NPM 162.2% 163.9% 164.3% 164.7% Company Overview
Market Cap USD2.0bn P/pre-fin. CF 7.1x 6.6x 6.5x 6.9x
VEAM Corp produces agricultural machinery.
Foreign Room USD901.8mn EV/EBITDA 5.4x 5.0x 4.7x 4.2x
However, most of its profits are derived from its
ADTV30D USD0.5mn P/E 7.8x 7.2x 6.8x 6.2x
associate stakes in leading motorbike and car
State Ownership 88.5% P/B 1.9x 1.9x 1.9x 1.8x
producers in Vietnam, including Honda Vietnam,
Outstanding Shares 1,329 mn ROE 24.7% 26.9% 28.7% 29.7%
Toyota Vietnam and Ford Vietnam.
Fully Diluted Shares 1,329 mn * TP and rating last updated February 23, 2024

VEA provides large exposure to Vietnam’s fast-growing automobile (4W) and extensive motorbike (2W) markets. VEA holds 20%-30%
stakes in Honda, Toyota, and Ford Vietnam, which together combined for a 40% market share in the passenger car (PC) market and 83% in the 2W
market in YE2023, per our estimate.

We expect both PC and 2W industry sales will experience bright long-term growth outlooks and achieve respective CAGRs of 17% and 6% in
2023-2028F as we believe in a recovery in consumer confidence and spending in 2024-2025 and a bullish long-term outlook for growth in
automobiles in Vietnam.

We note that in Q4 2023, VEA booked a provision of VND595bn for the non-performing loans to subsidiaries and an increased obsolete truck
inventories provision by VND128bn at the parent level, which were deemed qualified audit opinions previously. As a result, there remains one
qualified opinion (due to delayed revaluation of investments in non-performing subsidiaries) and three emphases of matters (delayed
equitization settlements payments, ongoing agriculture machinery capex, and unrecognized investments in associates).

Our TP puts VEA’s 2024F/2025F P/E at 8.0x/7.5x — lower than the five-year average peer TTM P/E of 8.6x. VEA’s FY2023 dividend yield (to be
paid in 2024) looks compelling at 16%.

Risks to our positive view: Intensifying competition in 4W market; weaker-than-expected consumer confidence.

42
Disclaimer
Analyst Certification of Independence

We, Ha Huynh, Han Mai, Ngan Ly, and Nam Hoang, hereby certify that the views expressed in this report accurately reflect our personal views about the subject securities or issuers. We also certify that no part of our
compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The equity research analysts responsible for the preparation of this report receive compensation
based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues, which include revenues from, among other business units, Institutional Equities and
Investment Banking.

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 Contacts

Research
Nam Hoang, Associate Director Research team Alastair Macdonald, Head of Research
+84 28 3914 3588, ext 124 +84 28 3914 3588 +84 28 3914 3588, ext 105
nam.hoang@vietcap.com.vn research@vietcap.com.vn alastair.macdonald@vietcap.com.vn

Ha Huynh, Senior Analyst Han Mai, Analyst Ngan Ly, Analyst

+84 28 3914 3588, ext. 185 +84 28 3914 3588, ext. 538 +84 28 3914 3588, ext. 532
ha.huynhthu@vietcap.com.vn han.mai@vietcap.com.vn ngan.ly@vietcap.com.vn

Brokerage and Institutional Sales & Trading

Tuan Nhan Quynh Chau Dung Nguyen
Managing Director, Brokerage & Managing Director Director
Institutional Sales & Trading Brokerage Institutional Sales & Trading
+84 28 3914 3588, ext 107 +84 28 3914 3588, ext 222 +84 28 3914 3588, ext 136
tuan.nhan@vietcap.com.vn quynh.chau@vietcap.com.vn dung.nguyen@vietcap.com.vn

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