- We maintain our BUY rating for SAB and raise our target price (TP) by 3% to VND73,000/share.

- Our higher TP is driven by the positive impact of rolling our TP horizon forward to end-2025, which is partially offset by a 2% reduction in our target P/E from 20.0x to 19.6x, reflecting a 2% decrease in the 10-year average peer median P/E.

- We project 2025F NPAT-MI to grow 11% YoY, mainly driven by (1) 5% YoY beer sales volume growth and (2) a 1.4-ppts-YoY increase in like-for-like (LFL) beer GPM (LFL projection: see details on page 4).

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