Continued double-digit growth in 2026F. We project DGW’s 2026F net revenue and NPAT-MI to hit VND30,830 bn (+15.8% YoY) and VND645 bn (+17.7% YoY), respectively. On a conservative basis, BVSC assumes that the provision for financial investments will be maintained at 2025 levels for 2026F.

Recommendation. BVSC maintains an OUTPERFORM rating for DGW with a target price of VND 54,600/share, based on a DCF valuation at year-end 2026F.