VLB has a track record of paying regular cash dividends, with payout ratios ranging from 20–35%, except for 2022 when the company recorded a net loss. BVSC expects VLB to increase its dividend payout ratio to 45%, based on peak earnings projected in 2025, corresponding to a dividend yield of 9.2%. This is a very attractive yield, and VLB has already made an interim cash dividend payment with a payout ratio of 30% in January 2026. Compared with current deposit interest rates, BVSC views this as a key investment highlight for VLB shares.

BVSC estimates a target price of VND 54,600/share, implying an upside of +11% compared with the market price as of February 04, 2026. Recommendation: NEUTRAL.

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Please find the attached file below.