We project ELC’s 2026 earnings to be positive, with net revenue of VND2,038 bn (+34.3% YoY) and PAT of VND181 bn (+40.9% YoY). In a longer term, net revenue and PAT are expected to deliver a CAGR of 23.1% and 28.5% during 2025-2028.

Using the Discounted Cash Flow method (DCF - FCFE), BVSC estimates ELC’s target price at VND26,100/share, offering an upside of 47% from the March 19, 2026 price. Recommendation: OUTPERFORM.

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Please find the attached file below.