GEI owns subsidiaries that are among Vietnam’s leading developers, operating across both commercial R/E and IP segments, with a large, strategically-located land bank. The Company is currently in an investment expansion phase, as reflected by construction-in-progress (CIP) of approximately VND6,300 billion (over 15% of total assets). This figure is expected to rise as GEI accelerates investments in Titan Hai Phong and FIH (Vietnam). Meanwhile, the building materials segment is expected to see an improvement in operating efficiency following organizational restructuring and operational optimization, supporting revenue growth and margin expansion over the medium term. From a broader perspective, for both GEX overall and GEI in particular, we note improvements in operating fundamentals and financial structure following an aggressive investment expansion and M&A phase during 2020–2024. In the context of GEI’s planned IPO, the Company is expected to attract substantial cash proceeds, enabling continued investment in new projects while strengthening its balance sheet through lower interest expense and enhanced capital allocation flexibility. This provides GEI with greater capacity to selectively invest in higher-return opportunities going forward. BVSC estimates the fair value of GEI shares at VND32,000/share, representing a 14.3% upside relative to the IPO starting price of VND28,000/share.

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