External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul>
<li>We have an optimistic view on Gelex Infrastructure’s earnings growth outlook with its low net debt/equity (~38%) and strong operating cashflow (~VND6.0tn p.a.).</li>
<li>GEI operates in four different businesses with varying risk exposure and its target price is usually derived via a conglomerate discount.</li>
<li>We assume its IPO will be successful at VND28,000/share.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We have an optimistic view on Gelex Infrastructure’s earnings growth outlook with its low net debt/equity (~38%) and strong operating cashflow (~VND6.0tn p.a.).
GEI operates in four different businesses with varying risk exposure and its target price is usually derived via a conglomerate discount.
We assume its IPO will be successful at VND28,000/share.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GEI - New Residential Segment Drives Growth; IP Land Sales Recover

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Asian Economist

Kok Peng Chan

Macroeconomics

<ul>
<li>China’s low consumption ratio is driven by structural constraints—stagnant labour income, early and rapid household leverage, heavy debt burdens, declining workforce and persistent precautionary saving</li>
<li>Such constraints on household consumption mean recent policy announcements to expand overall domestic demand will take longer than expected to deliver a durable consumption-driven Chinese economy</li>
<li>China’s ten-year bond yield appears to recognise this reality, pricing in persistently weak nominal growth and subdued domestic demand rather than a consumption-driven reacceleration. It is now lower than Japan</li>
</ul>


China’s low consumption ratio is driven by structural constraints—stagnant labour income, early and rapid household leverage, heavy debt burdens, declining workforce and persistent precautionary saving
Such constraints on household consumption mean recent policy announcements to expand overall domestic demand will take longer than expected to deliver a durable consumption-driven Chinese economy
China’s ten-year bond yield appears to recognise this reality, pricing in persistently weak nominal growth and subdued domestic demand rather than a consumption-driven reacceleration. It is now lower than Japan


China’s Consumption Push: Will It Take Off?

Dong Hai Joint Stock Company of Ben Tre manufactures, sells, and trades in pulp, kraft paper, paper board, and carton packaging products in Vietnam. The company offers 3 layers and 5 layers carton packages and boxes. The company was founded in 1994 and is headquartered in Chau Thanh, Vietnam.

<ul><li>We increase our target price (TP) by 3% and reiterate our BUY rating.</li><li>Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.</li><li>We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our target price (TP) by 3% and reiterate our BUY rating.Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.We revise up our 2025F/26F/27F NPAT-MI forecasts by 13%/14%/26%, driven by (1) wider price spreads (paper prices – OCC input prices), resulting in stronger GPM expansion and (2) increasing our projection for GL3’s 2027F high-margin kraftliner mix to 15% (vs 5% previously), moving closer to management’s 30% target but expecting that the transition will take time.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Three 2026 themes: (i) Continued AI spending boom, moats and monopolies to thrive, (ii) Recently commenced commodity super-cycle, especially in copper, (iii) Continued defense spending boom amid accelerating geopolitical tensions.</li>
<li>These themes are well-discussed over the past year, but recent concerns about their longevity (especially AI spending) have derated the beneficiary stocks. We think it's time to re-focus on them.</li>
<li>Our top picks: TSMC (the monopoly AI enabler), Zijin Mining (the gold and copper giant, benefitting from two super cycles) and Hanwha Aerospace (the biggest beneficiary of defense spending boom).</li>
</ul>


Three 2026 themes: (i) Continued AI spending boom, moats and monopolies to thrive, (ii) Recently commenced commodity super-cycle, especially in copper, (iii) Continued defense spending boom amid accelerating geopolitical tensions.
These themes are well-discussed over the past year, but recent concerns about their longevity (especially AI spending) have derated the beneficiary stocks. We think it's time to re-focus on them.
Our top picks: TSMC (the monopoly AI enabler), Zijin Mining (the gold and copper giant, benefitting from two super cycles) and Hanwha Aerospace (the biggest beneficiary of defense spending boom).


2026 High Conviction: Three Themes, Three Top Picks

Vietnam
Insights on Vietnam

GEI - New Residential Segment Drives Growth; IP Land Sales Recover

We have an optimistic view on Gelex Infrastructure’s earnings growth outlook with its low net debt/equity (~38%) and strong operating cashflow...

Vietcap

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

China’s Consumption Push: Will It Take Off?

This report shows why China’s consumption push faces structural limits, why rate cuts won’t work, and how delayed reform raises risks for equities,...

Kok Peng Chan

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.

Vietcap

2026 High Conviction: Three Themes, Three Top Picks

2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...

Manishi Raychaudhuri

GEI - New Residential Segment Drives Growth; IP Land Sales Recover

We have an optimistic view on Gelex Infrastructure’s earnings growth outlook with its low net debt/equity (~38%) and strong operating cashflow...

Vietcap

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

China’s Consumption Push: Will It Take Off?

This report shows why China’s consumption push faces structural limits, why rate cuts won’t work, and how delayed reform raises risks for equities,...

Kok Peng Chan

DHC [BUY +25.5%] - Tight Supply Lifts GPM While GL3 Anchors Long-Term Growth

Our TP adjustment is driven by (1) an 8% increase in our 2026F EBITDA forecast and (2) rolling our TP horizon to end2026 from mid-2026.

Vietcap

2026 High Conviction: Three Themes, Three Top Picks

​2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...

Manishi Raychaudhuri

2026 themes: AI spending boom continues, commodity super-cycle, defense spending surge. Our top picks are the market leaders in these themes:...