Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

Equity Bottom-Up

<ul><li>Silicom has the broadest product catalog in the market and very strong relationships with its customers.</li><li>Strong growth drivers present such as increasing need for Cyber Security, increasing networks speeds, etc.</li><li>There is no meaningful competition to Silicom’s business activities.</li><li>We see 60% upside as its P/E ratio expands to accommodate its faster growth rate.</li></ul>

Silicom has the broadest product catalog in the market and very strong relationships with its customers.Strong growth drivers present such as increasing need for Cyber Security, increasing networks speeds, etc.There is no meaningful competition to Silicom’s business activities.We see 60% upside as its P/E ratio expands to accommodate its faster growth rate.

Silicom - 60% Upside as P/E Ratio Expands to Accommodate Faster Growth Rate

Silicom Ltd

Silicom - 60% Upside as P/E Ratio Expands to Accommodate Faster Growth Rate