2026F net profit is projected to grow by over 17% YoY. For 2026F, net revenue is projected to reach VND32,563 bn (+22.3% YoY), while NPAT-MI is expected to hit VND644 bn (+17.5% YoY). Key growth catalysts are: (1) tablets & laptops, where growth will decelerate but remain elevated full-year due to a strong Q1/2026; and (2) office equipment, tracking to sustain a high full-year growth rate of 40.5% YoY.

Recommendation. BVSC recommends OUTPERFORM with a target price of VND50,900/share, derived from DCF valuation at year-end FY26F.

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Please find the attached file below.