Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/92ECFEE4A03465B85B68D6252C7F2D04/242078227.pdf Number of Pages: 5 Markdown Content: Hoa Phat Group (HPG) is Vietnam's largest integrated steelmaker with total assets exceeding $10 bn, commanding over 30 % of the domestic hot rolled coil (HRC) market and approximately 40 % of construction steel . Its fully integrated blast -furnace model at the Dung Quat plant, energy self - sufficiency, and proprietary port logistics underpin a structurally lower cost base than domestic and regional peers . The 1Q26 results made the bull case concrete . Public infrastructure spending (expressways, the North -South high -speed rail, and metro lines) is driving rebar consumption, while a recovering property market layers on incremental demand . Both engines firing simultaneously drove rebar volumes up 30 % YoY and HRC up 46 % YoY, with total finished steel reaching 3.3 million mt (+ 39 % YoY) . For 2026 , we expect total volumes of 14 million mt (+ 36 % YoY), supported by long steel ASPs tracking +8% YoY and HRC at $562 /mt (+ 12 % YoY) on extended anti -dumping duties on Chinese imports, a structural rather than cyclical support . With Dung Quat 2 plant’s absorption costs rolling off, steel EBITDA margins are moving from the mid -teens into the low twenties on record volumes, firming prices, and falling unit costs, converging for the first time in three years . As HPG transitions from its capex -heavy phase into free cash flow generation in 2H26 , we expect a re -rating to follow the earnings . Stock in Focus: Hoa Phat Group (HPG) VEIL's NAV rose 4.7% in April, lagging the VNI's 10 .7% gain . The rally was concentrated in VIC and VHM after they raised 2026 guidance at their 23 April AGMs . We trimmed both in Q1 to take profit on their 2025 runs and to reduce property exposure as interest rates increased in early 2026 . These two names accounted for 25 .8% of the VNI at end of April, but only 12 .6% of VEIL, making the Fund's structural underweight the primary driver of the month's active return shortfall . Positioning skewed defensive in April given the volatile US -Iran conflict . We cut high -beta exposure across brokerages (SSI, TCX, VPX) and select banks, rotating into ACB and MBB on attractive valuations and solid fundamentals . BID was trimmed after its private placement lifted the portfolio position size . Banks added 0.7% to performance overall, led by TCB (+ 10 .2%) and STB (+ 8.5%), while steelmaker HPG (+ 3.1%) gained on improving demand and prices . In retail, the sector delivered the cleanest Q1 earnings beat, alongside April retail sales growth of 12 .1% YoY . This supports our positive view on consumption, although price performance was mixed on the month with MWG (+ 2.6%) holding steady and PNJ (-6.6%) and FRT (-5.1%) softening . Detractors PVD (-10 .9%), PVS (-5.9%), DCM (-11 .6%) and DPM (-11 .2%) gave back gains post -ceasefire announcement ; we took profit on DCM but retained the others, with urea prices still above pre -disruption levels and PVD/PVS continuing to serve as a modest oil hedge . Beyond FTSE’s upgrade to Secondary EM status in September, progress on non -prefunding and the Central Counterparty system narrows the gap to MSCI's watchlist . The portfolio trades at 10 .5x FY 26 P/E against 27 .6% EPS growth, and we have started deploying elevated cash into recent weakness . With earnings broader than the narrow rally suggests, we expect the portfolio to gain ground as prices catch up to fundamentals . Company Ticker Sector VEIL (%) VNI (%) MoM (%) Mobile World MWG Consumer Discretionary 7.9 1.4 2.6 Vingroup VIC Real Estate 7.2 18.9 58.5 BIDV BID Financials (Banks) 6.6 3.2 1.7 Vinhomes VHM Real Estate 5.4 6.9 41.7 VP Bank VPB Financials (Banks) 4.2 2.4 -0.8 Vietinbank CTG Financials (Banks) 4.1 3.1 1.0 Techcombank TCB Financials (Banks) 3.8 2.8 10.2 Hoa Phat Group HPG Materials 3.8 2.4 3.1 Vietcombank VCB Financials (Banks) 3.5 5.7 2.9 MB Bank MBB Financials (Banks) 3.0 2.4 -1.6 Performance (%) Top Ten Holdings (49.6% of AUM) Monthly Contribution (%) Sector Breakdown (%) Ten Year NAV Performance # VIETNAM ENTERPRISE # INVESTMENTS LIMITED (VEIL) At a Glance Tuan Le Lead Portfolio Manager • VEIL's NAV rose 4.7% in April, lagging the VNI's 10 .7% gain as the rally concentrated narrowly in VIC and VHM . • Our structural underweight in both names, taken in Q1 to lock in 2025 gains and reduce property exposure, accounted for the bulk of the active shortfall . • With Q1 earnings broader than the rally suggests, we expect the fund's positioning to gain ground as prices catch up to fundamentals . % > *Market capitalisation Fund Commentary > All reporting on this page is in total return US dollar terms to 29 April 2026 due to Vietnam national holidays T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com > Past performance cannot be relied upon as a guide to future performance Net Assets / Market Cap NAV/share Disc/Prem YTD 1 Month 3 Months 1 Year 3 Years 5 Years 10 Years VEIL NAV (USD) $1,634.9mn $11.85 N/A -2.2 4.7 -6.2 36.1 45.8 15.7 213.5 VNI (Reference Index) - - N/A 3.9 10.7 -0.1 51.7 65.6 41.7 218.4 VEIL Share Price (GBP) £1,038.9mn* £7.53 -14.24 -5.3 3.4 -6.7 44.8 41.5 19.3 258.1 VEIL Share Price (USD) $1,414.2mn* 10.25 -13.5 -1.7 1.9 -6.8 47.0 53.3 16.5 232.8 April 2026 -50 0 50 100 150 200 250 300 Apr-16 Jul-17 Oct-18 Jan-20 Apr-21 Jul-22 Oct-23 Jan-25 Apr-26 > VEIL LN > MSCI EM > MSCI FM > 1.02 > 2.37 > 2.48 > 3.26 > 4.47 > 4.75 > 8.67 > 12.58 > 16.37 > 35.84 > Utilities > Information Technology > Energy > Consumer Staples > Materials > Industrials > Financials - Diversified > Consumer Discretionary > Real Estate > Financials - Banks > -0.03 > 0.04 > -0.19 > 0.03 > 0.05 > -0.02 > -0.03 > -0.06 > 3.67 > 0.72 > Utilities > Information Technology > Energy > Consumer Staples > Materials > Industrials > Financials - Diversified > Consumer Discretionary > Real Estate > Financials - Banks Item Unit 2021 2022 2023 2024 2025E 2026F GDP $bn 366.1 408.8 430.0 476.3 514.0 561.8 Real GDP Growth % 2.6 8.0 5.1 7.1 8.0 9.3 Services Growth % 1.2 10 6.9 7.4 8.6 9.5 Agriculture Growth % 2.9 3.4 2.6 3.3 3.8 4.0 Ind'l and Const'n Growth % 4.1 7.8 3.5 8.3 9.0 10.5 Retail Sales Growth % -3.8 10.2 8.3 9.0 9.2 10.0 Prices CPI (Average YoY) % 1.8 3.2 3.3 3.6 3.3 4.0 Money, FX and Interest Rates Money Supply M2 % 8.9 6.2 12.5 12.7 15.0 12.5 Average 12M Deposit Rate % 6.0 8.0 5.0 5.0 5.8 6.3 5-yr VGB % 0.9 4.7 1.6 1.4 3.3 3.5 VND:$ $1 22,800 23,550 24,250 25,450 26,300 27,310 External Sector Trade Balance $bn 3.3 12.4 28.0 24.4 20.0 25.0 Current Account $bn -8.1 1.4 25.8 30.5 34.5 40.0 Current Account / GDP % -2.2 0.3 6.0 6.4 6.7 7.1 FDI Registered $bn 38.5 27.7 36.6 35.0 38.4 41.9 FDI Disbursement $bn 19.8 22.4 23.2 25.4 27.6 30.1 FX Reserves $bn 106.5 85.0 89.0 80.0 78.0 80.0 Public Debt, Fiscal Balance External Debt $bn 138.8 141.2 138 140.3 151.0 168.54 Government $bn 47.9 48.8 44.4 44.5 47.8 50.0 Enterprises (incl. FDI) $bn 90.9 92.4 93.6 95.8 103.2 118.54 External Debt (% GDP) % 37.9 34.5 30.3 30.3 29.4 30.0 Fiscal Balance (% GDP) % -4.0 -4.0 -3.6 -3.6 -4.2 -4.0 ## Key Indicators # APPENDIX 1: MACRO > T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com > All forecasts are Dragon Capital estimates April 2026 30 -Apr Price Mkt Wt PER PBV Yield No Company Price YTD Cap in VNI 2024 2025 2026E 2024 2025 2026E 2024 2025 2026E (VND) (%) ($m) (%) (x) (x) (x) (x) (x) (x) (%) (%) (%) 1 Vingroup 214,000 26.2 62,577 18.90 13.0 115.1 50.1 1.1 8.9 9.1 0.4 0.2 - 2 Vinhomes 146,000 17.7 22,756 6.90 5.2 12.2 10.0 0.8 2.1 1.9 0.4 0.2 - 3 Vietcombank 59,800 4.0 18,961 5.70 17.2 15.7 14.2 2.6 2.1 1.9 - 0.8 - 4 BIDV 40,100 3.1 11,078 3.20 13.3 11.9 11.7 1.8 1.6 1.5 - 1.2 - 5 Viettel Global Investment 89,700 26.7 10,361 - 49.1 23.2 24.8 8.0 5.3 - 0.4 1.9 - 6 Vietinbank 34,950 -2.2 10,301 3.10 8.8 8.9 7.5 1.4 1.6 1.3 - 0.9 - 7 Techcombank 33,850 -3.0 9,102 2.70 8.1 10.1 8.6 1.2 1.5 1.3 3.0 2.9 2.4 8 Hoa Phat Group 27,750 5.1 8,082 2.40 14.2 13.1 9.2 1.5 1.6 1.4 - - 1.8 9 VP Bank 26,500 -7.5 7,978 2.40 9.4 9.5 7.0 1.0 1.4 1.1 5.2 1.8 4.2 10 MB Bank 26,050 3.0 7,962 2.40 6.0 7.8 6.9 1.2 1.5 1.3 2.1 1.0 - 11 PV Gas 75,200 3.9 6,886 2.10 15.2 15.7 12.5 2.6 2.6 2.5 8.7 2.9 4.7 12 Masan Consumer 137,000 -23.4 6,729 2.00 23.0 34.8 24.2 16.7 12.8 8.6 12.4 1.2 2.7 13 Airports Corporation VN 44,000 -10.0 5,981 - 29.1 18.0 19.8 4.6 2.5 2.0 - - - 14 Vinpearl 85,700 -9.0 5,832 1.80 - 153.4 56.1 - 4.6 3.9 - - - 15 LienViet Post Bank 47,300 13.2 5,362 1.60 8.9 10.9 10.9 2.0 2.6 2.3 - 6.0 - 16 HD Bank 26,600 -10.4 5,052 1.50 7.0 9.0 6.7 1.6 2.0 1.1 3.3 - - 17 FPT 75,500 -21.2 4,881 1.50 30.7 18.5 12.4 7.4 4.5 2.9 1.5 2.8 3.5 18 Vinamilk 60,900 -0.5 4,830 1.50 14.5 15.2 15.1 3.8 4.2 4.2 6.2 8.8 7.1 19 Sacombank 67,500 16.4 4,829 1.50 6.9 18.4 19.8 1.3 1.8 2.0 - - - 20 Mobile World 84,000 -5.0 4,681 1.40 23.6 18.6 13.4 3.2 4.0 3.1 0.8 1.1 1.2 21 ACB 23,500 -2.1 4,581 1.40 6.7 8.0 6.6 1.3 1.3 1.1 3.4 3.6 1.6 22 Binh Son Refining 23,600 46.6 4,484 1.40 112.0 15.5 4.4 1.3 1.3 1.4 3.1 - 1.7 23 Techcom Securities 50,600 8.8 4,438 1.30 23.8 18.9 17.6 3.5 2.4 2.3 1.3 - - 24 Masan Group 76,800 -0.3 4,214 1.30 50.4 27.1 15.4 3.3 3.1 2.6 1.7 0.8 0.8 25 Vietjet Air 180,000 -13.9 4,041 1.20 38.6 53.3 340.7 3.2 4.6 5.2 0.1 - - ## Top 25 Companies by Market Cap ## Key Stock Market Data # APPENDIX 2: MARKET T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com HSX HNX UPCoM Total 30 -Apr -25 30 -Apr -26 30 -Apr -25 30 -Apr -26 30 -Apr -25 30 -Apr -26 30 -Apr -25 30 -Apr -26 Market cap ($mn) 197,100 331,638 13,356 17,062 52,581 50,856 263,037 399,556 Number of stocks 391 402 310 302 889 833 1,590 1,537 Number of large cap stocks (>$400mn) 74 84 11 11 15 22 100 117 Stocks with no room for foreigners 62 63 97 111 278 316 437 490 Market cap of stocks with no room ($mn) 16,770 27,161 2,924 2,725 20,164 23,572 39,858 53,457 Share of Market Cap with No Room (%) 8.5 8.2 21.9 16.0 38.3 46.3 15.2 13.4 All forecasts are Dragon Capital estimates April 2026 Price Providers Funds Bloomberg Contact Jefferies International VEIL JCEF Michele White / Trevor Hunt +44 207 898 7127 invcos@jefferies.com Fund Bloomberg ISIN LEI SEDOL CUSIP Listed VEIL VEIL LN (GBP) KYG9361H1092 213800SYT3T4AGEVW864 BD 9X204 G9361H109 London (Main Market) VEIL VEID LN (USD) KYG9361H1092 213800SYT3T4AGEVW864 BP4YTQ1 G9361H109 London (Main Market) # ABC > T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com Marketing / Investor Relations Will Ross willross@dragoncapital.com Steven Mantle stevenmantle@dragoncapital.com Thuy Anh Nguyen thuyanhnguyen@dragoncapital.com Ailsa Cuthbert ailsacuthbert@dragoncapital.com Kenji Hamada kenjihamada@dragoncapital.com Thanh Le thanhle@dragoncapital.com # FUND INFORMATION > T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com April 2026 This document has been prepared by Dragon Capital Management (HK) Limited for the general information of professional investors and other eligible recipients . It has been provided to you following your express request to receive such communications, and your confirmation of eligibility . If you wish to unsubscribe from future updates at any time, please email unsubscribe@dragoncapital .com . This document does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of any entity, or any vehicle to be incorporated in connection with any possible transaction, or an inducement to enter into investment activity in any country, or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction . No part of the document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever . No disclosure, reference or other information included in this document shall be considered as offering or solicitation of any product or service . Nothing in this document shall be construed as investment advice or a recommendation to acquire or invest in any securities or other instrument or financial product . Any investment performance and market information provided in this presentation, including information about any particular companies, are provided for illustrative purposes only and are not investment recommendations . No person is promulgating or providing any financial or other advice to any person, and is not making and does not intend to make an offer or solicitation in relation to any product, whether referred to in this document or otherwise . Any person requiring investment advice should consult a suitably qualified professional adviser prior to taking any investment decision . Past performance is not necessarily a guide to future performance . Certain statements included in this document are forward -looking and are therefore subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events . Consequently, the actual performance and results of the market or companies could differ materially from the expectations set out herein . Accordingly, no assurance can be given that any particular expectation will be met, and you are cautioned not to place undue reliance on forward -looking statements which speak only at their respective dates . The information and opinions contained in this document (which includes information drawn from public sources) is subject to updating, and the accuracy, certainty or completeness of such information is not guaranteed . No representation or warranty, express or implied, is made, and no liability whatsoever is accepted by any other person, in relation thereto . This document must not be distributed or otherwise made available to third parties without the consent of Dragon Capital, and then only to such recipients who have confirmed that distribution of such information is in compliance with the securities laws and regulations which apply to them . For UK investors in VEIL : According to an analysis performed on behalf of VEIL by KPMG, VEIL does not meet the definition of an “offshore fund” for the purposes of the Offshore Fund Regulations in the UK . On the basis of this analysis, the Offshore Fund Regulations do not apply to VEIL, and therefore the reporting fund status regime is not relevant to VEIL or its UK investors . Please contact us if you require the full analysis from KPMG . > T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com # DISCLAIMER > T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com April 2026