We forecast FY2025–2026 net revenue and NPAT at VND 41,786 billion (+14.4% YoY) and VND 829 billion (+13.3% YoY), respectively, with growth driven primarily by higher domestic sales and continued margin improvement. Based on our valuation, we set a target price of approximately VND 20,600/share for FY2025–2026 and maintain an OUTPERFORM recommendation, upside of +28.3%.

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Please find the attached file below.