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Vietnam Electrical Equipment JSC / Equity Bottom-Up

<ul><li>We cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.</li><li>We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).</li><li>Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest) (see page 8). </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 cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest) (see page 8). 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.

Gex - Strong Core Earnings Projected Across Segments in 2025F

<ul><li>We cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.</li><li>We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).</li><li>Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest)</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 cut our target price (TP) for GEX by 6% but maintain our OUTPERFORM rating.We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI projections for GEX (respective changes of +35%/+1%/-12%/-6%/+9%).Our higher aggregate five-year NPAT-MI is mainly driven by our 4% higher earnings projection for GEE (due to higher GPM projections), which outweighs our lower earnings forecast by 2% for VGC (due to higher projected minorities interest)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.

GELEX Group (GEX VN) - Strong Core Earnings Projected Across Segments in 2025F

Vietnam

Electrical Equipment Joint Stock Company manufactures and supplies transformers. It offers one and three phase, cast resin, and pad-mounted transformers, as well as pressure safety valves, bimetal thermometers, and oil level indicators. The company was founded in 1977 and is based in Bien Hoa, Vietnam.

Vietnam Electrical Equipment JSC (GEX VN)

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Vietnam Electrical Equipment JSC (GEX VN)

Gex - Strong Core Earnings Projected Across Segments in 2025F

We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI...

Vietcap

GELEX Group (GEX VN) - Strong Core Earnings Projected Across Segments in 2025F

We cut our TP due to a higher conglomerate discount of 15% (vs 10% previously), which outweighs our 4% higher aggregate 2024-2028F NPAT-MI...

Vietcap

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Market Cap (USDm)

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