Using the DCF valuation method, BVSC has lowered the target price to VND 152,600/share for MCH, maintaining an OUTPERFORM recommendation with an upside potential of +23.2%, which corresponds to a 2025 P/E of 21.5x. MCH shares are currently trading at a P/E of 16.4x, lower than the median of regional peers at 21.9x, and approaching the 2-year average P/E of 14.2x. MCH is a notable FMCG company with a dedicated leadership team and a systematic strategy to drive growth that outperforms the industry average. Additionally, the potential listing on HSX by the end of 2025 could enhance access to both domestic and international investors.

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Please find the attached file below.