Equity 360 | STRATEGY REPORT Q4.2026: DISCOUNTED VALUATION ZONE, INVESTMENT OPPORTUNITIES LINKED TO DOMESTIC GROWTH

Dear Investors,

BSC is pleased to present our Industry Report for Q4/2026.

Q4/2026 – 2027: Positive Earnings Growth – Expected Gradual Improvement in Liquidity

• Earnings & Valuation: BSC projects that the earnings of the stocks under our coverage will grow by 26% year-on-year (YoY) in 2026 and 12% YoY in 2027. Market valuations have reached attractive levels; excluding the Vingroup conglomerate, the VN-Index is trading at a P/E ratio of approximately 10.0x—a 30% discount relative to its 3-year average.
• Liquidity: BSC has observed positive developments in market liquidity during Q3/2026 and expects this trend to persist through 2027, driven by: (i) a reduction in interbank liquidity pressure compared to Q2/2026, and (ii) a narrowing of net selling by foreign investors in the stock market.
• Investment Strategy: We continue to prioritize stocks with clear earnings growth, supported by domestic drivers and trading at inexpensive or reasonable valuations. Investors are advised to adopt a longer holding horizon, rather than expecting the market to immediately reflect fundamental factors in the short term.

INDUSTRY OUTLOOK FOR Q4/2026 AND 2027 – FOCUS ON SECTORS DRIVEN BY DOMESTIC GROWTH

• Priority Sectors: Banking, Retail, and Construction Materials are our top picks, benefiting from positive earnings prospects, clear domestic growth drivers, and valuations that have been discounted to attractive levels.
• Sectors with lower priority: Industries that have passed their earnings peak or face regulatory/legal risks.

RECOMMENDED STOCK PORTFOLIO

• Core Portfolio: Focus on stocks with clear earnings growth, attractive valuations, and those benefiting from domestic growth drivers—including key representatives such as VCB, MBB, VPB, MWG, FRT, MSN, HPG, and FPT.
• We invite investors to download the full report for a detailed analysis of market outlooks, priority sectors, and our recommended stock portfolio for Q4/2026.
• BSC wishes all investors a highly productive, fortunate, and successful quarter!

Best regards,