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Equity Bottom-Up

<ul><li>We have made an initial valuation for GDA stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.</li><li>We estimate the fair value at VND 38,700, equivalent to a projected P/B of 1.1x in 2025. </li><li>The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). </li></ul><p><em>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.</em></p>

We have made an initial valuation for GDA stock. In our conservative view, the current share price does not fully reflect the long-term growth prospects and business position.We estimate the fair value at VND 38,700, equivalent to a projected P/B of 1.1x in 2025. The company has a strong position in the field of galvanized steel production: o With a cautious investment strategy, focusing on product quality, GDA gradually increased its market share and maintained its position among the top 3 largest galvanized steel companies (together with HSG and NKG). 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.

GDA - Attractive Valuation & Potential from New Factory

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Ton Dong (GDA VN)

GDA - Attractive Valuation & Potential from New Factory

We have made an initial valuation for GDA stock. In our conservative view, the current share price does not fully reflect the long-term growth...

Rong Viet Securities

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