BVSC recommends OUTPERFORM for VEA stocks, with a target price of VND 51,200/share by mid-2025 based on the DDM valuation method. VEA is trading at a P/E of 9.3x, 7.4% higher than the average PE of the previous 5 years of 8.7x. At the target price, the P/E ratios at the end of 2024/2025 are 10.3x and 10.0x, respectively.

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Please find the attached file below.