The stock price has fallen sharply since its 2023 peak, reflecting mid-term risks over tax policy changes, stricter beer consumption regulations and softening consumer demand. We believe the current stock price offers a good opportunity, anticipating a recovery in beer consumption and improved profit margins in 2025. In addition, dividend yield reaches 6.3% - quite attractive compared to deposit rates. Thus, we issue an OUTPERFORM rating for SAB with a target price of VND65,000/share, representing 17.2 times the estimated 2025 earnings.

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Please find the attached file below.