We value GMD using the SOTP (Sum-of-the-Parts) method, as the company operates under a multi-industry conglomerate model and has significant contributions from joint ventures and associates. BVSC assesses that the fair value of GMD is estimated at VND 86,300/share, implying an upside of +9.9% compared to the closing price on March 30, 2026. Recommendation: NEUTRAL.

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Please find the attached file below.