While LHG’s long-term prospects depend heavily on the progress of future projects, several catalysts remain: (i) strong cash reserves; (ii) robust cash flow from factory leasing and the LH3.1 land bank; and (iii) a consistent 19% cash dividend policy. Thus, LHG continues to offer investment potential throughout 2026. Based on the mean of NAV and P/B valuations, BVSC issues an OUTPERFORM recommendation with a 12-month fair value of VND41,030/share, which is 38.4% higher than the January 12, 2026 closing price.

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Please find the attached file below.