2026 Forecasts. Net revenue of VND28,107 bn (+7% YoY); NPAT-MI of VND4,535 bn (+4% YoY), equivalent to a 7% increase excluding 2025 non-recurring items. Two key growth engines: (i) Beer volume is up roughly 5%; and (ii) Gross margin is sustained at a high level. The risk of rising raw material costs is still present, with aluminum prices recently spiking.

Recommendation. BVSC sets a 12-month target price of VND50,000/share for SAB stock, translating to a NEUTRAL rating. The valuation is derived from the 2026 growth outlook and an industry median P/E multiple of 14.1x.

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Please find the attached file below.