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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Vietnam’s labor force continued improving while the labor force participation rate reached the highest quarterly level in four years. </li><li>According to the General Statistics Office (GSO), Vietnam’s total labor force increased by around 390,100 people QoQ (+0.7% QoQ) and 625,300 people YoY (+1.2% YoY) to 53.15 million in Q4 2024.</li><li>Additionally, the labor force participation rate increased to 69.0% (+34 bps QoQ and +11 bps YoY) – the highest rate since Q4 2020.</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.

Vietnam’s labor force continued improving while the labor force participation rate reached the highest quarterly level in four years. According to the General Statistics Office (GSO), Vietnam’s total labor force increased by around 390,100 people QoQ (+0.7% QoQ) and 625,300 people YoY (+1.2% YoY) to 53.15 million in Q4 2024.Additionally, the labor force participation rate increased to 69.0% (+34 bps QoQ and +11 bps YoY) – the highest rate since Q4 2020.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.

Vietnam Macro Note - Labor market improves in line with economic growth

Thematic (Sector/Industry)

<ul><li>Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. </li><li>Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</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.

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.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.

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

Equity Bottom-Up

Petrovietnam Transportation Co / Equity Bottom-Up

PetroVietnam Transportation Corporation provides maritime transportation and services to the oil and gas industry in Vietnam and internationally. It owns, operates, and charters crude oil, oil products, gas products, and chemical tankers, as well as offshore support vessels and other cargo ships. The company transports crude oil, refined oil products, and gas products and chemicals. It also provides offshore technical services, such as FPSO/FSO services, offshore support vessels, marine survey, offshore fabrication, transportation, installation, maintenance, and repair, as well as manpower supply, etc. In addition, the company offers logistics services; industrial, agricultural, fishery, and household products import and export services; travel and tourist services; and man power training services. Further, it provides other services, including the procurement and supply of marine, oil, and gas materials and equipment; marine and container freight forwarding services; road and inland waterway transportation services; gas taxi and passenger transportation services; freight forwarding services; multi-modal transportation; and real estate and financial investment services. The company was founded in 2002 and is based in Ho Chi Minh City, Vietnam. PetroVietnam Transportation Corporation is a subsidiary of Vietnam National Oil and Gas Group.

<ul><li>We lower our target price (TP) for PVT by 6% to VND35,200/share but re-iterate a BUY rating.</li><li>Our lower TP is driven by our 6% lower aggregate 2025-2029F NPAT-MI forecast (respective changes of -3%/-9%/-6%/-7%/-5% for 2025/26/27/28/29F).</li><li>We lower our aggregate NPAT-MI forecast due to reduced tanker rate assumptions for crude oil (-2%) and oil products/chemicals (-1%) in 2025-2026, reflecting weaker-than-expected Q4 2024 rates and 2026 prospects (page 13), offset by adding two dry bulk carriers.</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 lower our target price (TP) for PVT by 6% to VND35,200/share but re-iterate a BUY rating.Our lower TP is driven by our 6% lower aggregate 2025-2029F NPAT-MI forecast (respective changes of -3%/-9%/-6%/-7%/-5% for 2025/26/27/28/29F).We lower our aggregate NPAT-MI forecast due to reduced tanker rate assumptions for crude oil (-2%) and oil products/chemicals (-1%) in 2025-2026, reflecting weaker-than-expected Q4 2024 rates and 2026 prospects (page 13), offset by adding two dry bulk carriers.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.

PVT [BUY +38.7%] - 30% YoY DWT Fleet Expansion in 2024 to Boost 2025 Earnings

<ul><li>Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance.</li><li>Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</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.

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance.Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.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.

Vietnam Residential Real Estate Sector Flash

<ul><li>Q4 growth hit its highest level since 2018: According to the General Statistics Office of Vietnam (GSO), Vietnam’s GDP increased 7.6% YoY in Q4 2024 – the highest Q4 growth since 2018 – bringing overall GDP growth in 2024 to 7.1% YoY (2023: +5.1% YoY).</li><li>This was higher than our forecast of 6.9% and well above the National Assembly’s approved plan of 6.0%-6.5%. </li><li>We forecast 2025F GDP growth of 7.2% (see more details in Vietnam Strategy 2025 published on December 6, 2024) and expect economic growth in 2025 to be supported by:</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.

Q4 growth hit its highest level since 2018: According to the General Statistics Office of Vietnam (GSO), Vietnam’s GDP increased 7.6% YoY in Q4 2024 – the highest Q4 growth since 2018 – bringing overall GDP growth in 2024 to 7.1% YoY (2023: +5.1% YoY).This was higher than our forecast of 6.9% and well above the National Assembly’s approved plan of 6.0%-6.5%. We forecast 2025F GDP growth of 7.2% (see more details in Vietnam Strategy 2025 published on December 6, 2024) and expect economic growth in 2025 to be supported by: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.

Macro Update - 2024 GDP growth exceeds National Assembly’s plan