Given the more positive 2025 business outlook than previously expected — mainly driven by stronger-than-anticipated sales growth of the ICT &CE chain and faster-than-expected margin improvement at BHX — BVSC raises the target price by 8% to VND 99,100 per share and maintains the OUTPERFORM rating. We expect strong profit growth in Q4 2025 and throughout 2026, together with the upcoming IPO of Điện Máy Xanh JSC (MW) — the subsidiary that houses the Mobile Phone & Electronics business — to be the key catalysts supporting the stock price over the next 12 months.

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Please find the attached file below.