Upward revision to FY26 forecasts. With the profit margin outlook coming in better than initially expected, BVSC revised its forecasts: (i) Net revenue: VND28,782 bn (+11% YoY), up 2%; and (ii) profit after tax attributable to the parent’s shareholders: VND4,821 bn (+9% YoY), 6% higher than our prior estimate. FY26 EPS is forecasted at VND3,759/share, implying a forward P/E of 12.5x.

Recommendation. On the back of an improved earnings outlook, BVSC upgrades SAB to OUTPERFORM, setting a target price of VND55,900/share, which translates to a target P/E of 15.0x (industry median). Additionally, SAB offers an attractive dividend yield of over 10% at the current market price.

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Please find the attached file below.