Using the DCF method, we set a target price for VTP at 122,000 VND/share, which leads to an OUTPERFORM recommendation with a potential upside of +23.4% due to (1) the slight contribution of net profit from the Lang Son Logistics Park Project in 2026F, compared to the projected negative profit in 2025F; and (2) the sustained growth of the logistics services segment following the strong trend of e-commerce.

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Please find the attached file below.