GVR Flash note – NOT RATED

GVR held its 2026 Annual General Meeting with the following highlights:

– 2026 business plan: GVR plans for consolidated revenue and other income of VND33,799 bn (+4% YoY) and NPAT of VND5,558 bn (-7% YoY).

– Business results for the first five months of 2026 are positive. Consolidated revenue reached VND13,730 bn and PBT reached VND3,900 bn, an increase of ~30% YoY. Growth during the period came from the rubber segment, the restructuring process of member companies, and contributions from high-tech agriculture, industrial parks (IPs), and hydropower.

– The rubber market in the 2026-2030 period is expected to see a continued supply shortage and an upward trend in rubber prices. GVR projects that during 2026-2030, supply will shrink while demand will increase, leading to demand exceeding supply and a cumulative production deficit of approximately 1.5-2 mn tons from 2025 to 2030. Rubber prices are expected to increase by at least 5% YoY in 2026, reaching an average of USD2,200/ton and potentially USD3,000-3,300/ton by 2030. This projection already reflects risks such as exchange rate fluctuations, geopolitical conflicts, and US tariffs, but these risks are not sufficient to reverse the trend in rubber prices in the near future due to the significant supply shortage. Rubber prices in 1H2026 exceeded GVR’s forecast, and from 3Q2026, rubber prices may adjust downwards due to seasonal factors, but the average rubber price in 2026 will still follow an upward trend.

– IP will be one of the strategic pillars. Currently, GVR owns 19 IPs with a total area of 6,300 ha, of which 14 have been put into operation with an occupancy rate of ~90%. The remaining 5 IPs, Hiep Thanh, Rach Bap, Bac Dong Phu Expansion, Minh Hung 3 Expansion, and An Dien, are expected to begin investment procedures and infrastructure construction from 3Q2026. According to the Prime Minister’s approved plan for the 2026-2035 period in the Southeast and Central Highlands regions, the area for IP development on rubber plantation land is ~33,000 ha, accounting for about 50% of the total area for new IP development. Of this, ~24,000 ha will be developed during the 2026-2030 period. GVR will register as the investor for 10 IPs in HCMC with a total area of ~7,000 ha during 2026-2030. GVR’s strategy is to develop green IPs associated with renewable energy projects.

– Dividend plan for 2025: Cash dividend of VND400/share.

– Dividend plan for 2026: Cash dividend of VND400/share.

Comment: During the 2026-2030 period, GVR is expected to benefit from the dual advantages of rising rubber prices and the conversion of rubber plantation land to IP land, helping to expand profit margins and increase income from land compensation, rubber tree liquidation, and IP land leasing.