Using the DCF and P/E valuation methods, BVSC has raised its target price for MCH to VND 182,300/share, corresponding to a NEUTRAL recommendation on MCH stock. After completing its exchange transfer, MCH may soon be included in the VN-30 index during the July 2026 review. However, we believe that the exchange-transfer story has already been partly reflected in the stock price over the past period, pushing the valuation multiple to a relatively high level compared to its historical average and regional peers. Specifically, MCH is currently trading at a TTM P/E of 33x and a 2025 forward P/E of 33.4x, significantly higher than its two-year average of 18.4x and the median P/E of regional peers at 22.0x.

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Please find the attached file below.