- We maintain our MARKET PERFORM rating and keep our target price (TP) broadly unchanged. We decrease our aggregate 2024F-28F NPAT-MI forecasts by 1% (respective changes of -3%/0%/1%/2%/4% in our 2024F/25F/26F/27F/28F NPAT-MI projections). 

- We project respective CAGRs of 14%/5% for passenger car and 2W industry sales volumes in 2024F-29F, as we believe in a solid long-term outlook for growth of automobiles in Vietnam. 

- While we like the company’s broad exposure to Vietnam’s extensive motorbike (2W) market and auto (4W) consumption as well as VEA’s robust dividends, VEA is trading at a premium TTM P/E of 9.4x vs its historical 10-year average TTM P/E of 8.6x.

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