Equity 360 | STRATEGY REPORT Q3.2026: THE ERA OF ASCENDANCE

Dear Valued Investors,

BSC respectfully sends to Investors the Q3/2026 Strategy Report: THE ERA OF ASCENDANCE.

Q3/2026 – 2027: Positive profit growth – Liquidity is the key variable

• Earnings & Valuation: BSC forecasts that the earnings of our covered stock universe will increase by 22% YoY in 2026 and 16% YoY in 2027. Market valuation has returned to an attractive territory as the VN-Index (excluding Vingroup) trades around a P/E of 12.0x, equivalent to a deep discount relative to historical levels.

• Liquidity: This remains the primary risk in Q3/2026. High credit growth while capital mobilization has not kept pace leaves significant liquidity pressure on the banking system. Foreign investors continue to net sell heavily, while capital inflows from the market upgrade require more time to deliver a clear impact.

• Investment Strategy: Prioritize stocks with clear earnings growth driven by domestic catalysts and valuations in the cheap/reasonable zone. Investors should extend their holding period rather than expecting the market to immediately price in fundamental factors in the short term.

INDUSTRY OUTLOOK – CLEAR DIVERGENCE

• Focus Groups: Banking, Retail, Real Estate, Construction Materials, and Information Technology are the preferred sectors thanks to positive earnings outlooks, clear domestic drivers, and valuations that have discounted back to attractive ranges.

• Cyclical Beneficiaries: Oil & Gas, Power, and Fertilizers still present opportunities in Q3/2026, but with a higher degree of divergence as they depend heavily on commodity prices, weather, input costs, and the implementation progress of major projects.

• Watchlist Groups: Logistics, Industrial Parks, Seafood, Chemicals, and Consumer Goods offer unique investment stories but require further confirmation regarding earnings growth, valuation, or the timing of financial performance recognition.

RECOMMENDED STOCK PORTFOLIO

• Core Portfolio: Prioritizing stocks with clear earnings growth, attractive valuations, and those benefiting from domestic drivers, including top representatives such as VCB, MBB, MWG, FRT, HPG, FPT, DXG, and KDH.

Investors are invited to download the full report for more detailed insights into the market outlook, prioritized industries, and recommended stock portfolios for Q3/2026.

BSC wishes our investors a highly effective, successful, and prosperous quarter ahead!

Sincerely,

BIDV Securities Joint Stock Company (BSC)