Although profit growth is expected to slow in 2026, this is still projected to be the highest profit level in REE’s history since its establishment. We highly appreciate the quality of REE’s earnings, which are underpinned by core operations and a sustainable financial structure, rather than reliance on cyclical weather-related factors. REE is currently accumulating a substantial cash balance and maintaining a healthy financial position, thereby creating ample room to participate in future investment deals, particularly in renewable energy, a segment with attractive long-term growth potential. As new investments are implemented and commence operations, REE’s profit growth may experience significant step changes. On this basis, we maintain an OUTPERFORM recommendation for REE, with a target price of VND 75,400/share, corresponding to an upside potential of 23.2% compared to the closing price on 02/02/2026. The new target price has been slightly revised downward compared to the 2026 valuation report, mainly due to a higher assumed risk premium amid a rising interest rate environment.

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Please find the attached file below.