Company Report

Strong momentum to carry over to 2020E

December construction steel consumption hits 285,000 & 2.77 million tons for 2019 Strong gains in the Southern region & more than doubling tonnage from 2018 Phase 1 trials complete for Dung Quat & over 80% of phase two near completion

Cannot escape from negative growth in 2019

After two years of construction, the project Dung Quat - Hoa Phat has almost finished the workload of the phase 1 and 80% of the phase 2.

Accumulated profit after tax in the first 11 months of 2019 (11M19) reached 99% of full-year targets

Full-year targets reached a month early

PVPower’s (POW:HOSE) November electricity output reached 2,014 million kWh or 103% of the monthly target and pushed total output for 11 months to 20,642 million or 96% of the full-year target

Construction steel consumption reached 1-month highs

Azeri oil & MFO start up (BSR) - Improving business performance expected for 2020

VHC remains on track to meet its earnings guidance for 2019 as input prices for materials are expected to remain low for the last months of the year.