2026F outlook: Clearer profit recovery. In 2026F, BVSC forecasts that net revenue will reach VND 65,924 billion (+4.7% YoY) and NPAT-MI will reach VND 9,690 billion (+5.8% YoY). The recovery in net profit is driven by the low base in 2025F, along with expectations of an improvement in gross profit margin.

Recommendation. BVSC uses the DCF method and determined that the fair value of VNM stock is VND 68,600/share at the end of 2026F, corresponding to an OUTPERFORM rating.

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Please find the attached file below.