BVSC updates the new target price for REE of VND74,800 bn/share, roughly 6% lower than the target price in the 2025 Strategic Report. The forecast adjustment mainly reflects a downward revision in earnings expectations due to risks of US retaliatory tariffs on Vietnamese imports – a factor potentially impacting all of REE’s business segments, namely power and water consumption, and office leasing. With an upside of 6.1% from the current price, we issue a NEUTRAL rating for REE. We maintain REE as our preferred stock, citing its efficient hydropower/renewable energy portfolio, a secured 5–10 year earnings growth outlook from new projects across all segments, and a solid financial position.

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