BVSC maintains the OUTPERFORM rating for SAB with a target price of VND63,900/share, corresponding to a median P/E of 17.1x of its peers. We believe that SAB’s price performance has partly factored in the weak general consumption and specifically beer consumption trends in 2024, as well as policy risks related to alcohol content control and special consumption tax. At the current price, SAB’s dividend yield has reached 6.8% - quite attractive compared to savings rates. This is potentially a safe entry for accumulation given a leading beer company with stable cash flow and a healthy financial structure.

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Please find the attached file below.