External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Refrigeration Electrical Engineering / Equity Bottom-Up

Refrigeration Electrical Engineering (REE VN)

<ul><li>We increase our target price (TP) for REE by 8% but downgrade our rating to MARKET PERFORM as the share price has rallied 28% over the last four months. </li><li>Our higher TP is driven by a 4% increase in our aggregate 2024-2028F NPAT-MI projection (respective changes of -12%/-3%/+6%/+9%/+12% – details on page 4). </li><li>Our higher five-year aggregate NPAT-MI is primarily driven by the inclusion of the 48 MW Duyen Hai wind farm and an additional 200 MW of wind power capacity in 2027F and 2028F.</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) for REE by 8% but downgrade our rating to MARKET PERFORM as the share price has rallied 28% over the last four months. Our higher TP is driven by a 4% increase in our aggregate 2024-2028F NPAT-MI projection (respective changes of -12%/-3%/+6%/+9%/+12% – details on page 4). Our higher five-year aggregate NPAT-MI is primarily driven by the inclusion of the 48 MW Duyen Hai wind farm and an additional 200 MW of wind power capacity in 2027F and 2028F.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.

REE [MARKET PERFORM -1.1%] - Wind capacity expansion to drive medium-term growth - Update