X-Point | GVR: Structural transformation - Positioning for future trends

2H2026 BUSINESS PERFORMANCE

• Business performance remained positive, supported by favorable rubber prices. This year, GVR has been able to sell its output as it is produced, with no significant competitive pressure from inventories.

RUBBER PRICE OUTLOOK

• Tight global supply: Global rubber supply is declining due to: (1) a continued reduction in rubber plantation area worldwide; and (2) climate change.

• Demand from electric vehicles (EVs): The development of EVs is increasing tire demand, as EVs are heavier and require more frequent tire replacement than conventional internal combustion engine vehicles.

RUBBER PLANTATION EXPANSION PLAN

• Domestic market: There is limited room for further expansion due to the lack of available land.

• Overseas markets: GVR is studying potential expansion opportunities and has conducted preliminary surveys covering around 100,000 ha, including areas in Laos. However, key risks include: (1) legal risks; and (2) soil suitability.

QUICK VIEW

GVR is currently trading at a trailing P/B of 2.18x.

Latest report:
https://www.bsc.com.vn/bao-cao/15039-x-stock-gvr-kkn-cap-nhat-kqkd-q4-2025/