Despite the downward revision of the earnings forecast and target price compared to the most recent target price at the 2025 strategic report (VND 78,300/share), BVSC maintains an OUTPERFORM recommendation for VNM, with a new target price of VND 75,700/share, as the VNM stock price has dropped 3.8% over the past 3 months. At the current price, VNM offers a cash dividend yield of 6.3%/year.

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Please find the attached file below.