Macro/ Strategy

In 2025, Vietnam continued to loose its fiscal policy to support economic growth. The 12-month mobilization interest rate remains low, fluctuating around 5% by the end of 2025. In the context of bank deposit interest rates currently at a very low level, the portfolio has achieved a good return of 13.4%, with a dividend yield of 8.3% and a return (price difference) of 5.1%.

We add SAB and DPR thanks to meeting the criteria of high-dividend yield portfolio and positive business prospects for 2026. In which:

• SAB: The company maintains a healthy financial position with low debt levels and a consistent track record of annual dividend payments. Furthermore, the business outlook for 2026 is highly positive, driven by: (1) The effectiveness of expanding modern distribution channels to gain market share, (2) Proactive efforts to secure new traditional retail outlets to replace those closed due to new regulations on household businesses and (3) The 2026 World Cup, which serves as a major tailwind to boost sales volume

• DPR: The company maintains a healthy financial position with no outstanding debt and a consistent dividend payout ratio. We anticipate favorable business performance in 2026, driven by: (1) growth in both demand and selling prices for rubber products, and (2) the Bac Dong Phu Industrial Park (Phase 2), which is expected to be the primary growth driver for DPR in 2026