Saigon Beer (SAB VN) Hold: Good performance in 1Q 2026

研报英文原文证据摘录

Saigon Beer (SAB VN) Hold: Good performance in 1Q 2026

11 May 2026

Saigon Beer (SAB VN) EquitiesBeverages

Hold: Good performance in 1Q 2026 Vietnam

◆ 1Q 2026 revenue rose 11% y-o-y and net profit 49% y-o-y MAINTAIN HOLD

◆ Lunar New Year timing, favourable raw material prices, and

TARGET PRICE (VND) PREVIOUS TARGET (VND)

lower G&A drove performance in 1Q

53,900 54,400

◆ Retain Hold; cut TP slightly to VND53,900 (from VND54,400)

SHARE PRICE (VND) UPSIDE/DOWNSIDE

Good performance in 1Q 2026: Revenue increased 11% y-o-y, largely in line with 46,250 +16.5%

HSBCe, and slightly missed consensus. Net profit rose 49% y-o-y, beating HSBCe (as of 08 May 2026)

and consensus. The higher revenue partly reflects a later Lunar New Year in 2026 MARKET DATA

compared to 2025 (mid February 2026 vs late January 2025). The higher profit was Market cap (VNDb) 59,319 Free float 10%

Market cap (USDm) 2,255 BBG SAB VN

driven by favourable raw material inputs and lower G&A expense. This year is also 3m ADTV (USDm) 2 RIC SAB.HM

the second year that Sabibeco is a subsidiary instead of an associate, so the change

in its status no longer affects the y-o-y comparison. The large improvement in 1Q FINANCIALS AND RATIOS (VND)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

2026 is also thanks to the low base of 1Q 2025. HSBC EPS 3347.00 3467.60 3572.11 3717.18

HSBC EPS (prev) 3347.00 3512.16 3614.34 3755.17

Favourable raw material prices: Sabeco has locked in malt prices for the rest of the Change (%) 0.0 -1.3 -1.2 -1.0

Consensus EPS 3369.84 3588.80 3634.81 3755.17

year. For aluminum, Sabeco has secured supply toward 3Q 2026. There may be PE (x) 13.8 13.3 12.9 12.4

some increase in the aluminum price towards the end of the year. We expect the Dividend yield (%) 11.0 10.8 6.4 6.6