Sabeco stock: Vietcap trims target to VND 54,300

Published on 10/20/2026 at 18:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half profit rose 21.40 percent to VND 2,488.80 billion. Sabeco stock stood at VND 42,800 on October 20, 2026 on HOSE, unchanged.

Analyst target and earnings

Vietcap cut its Sabeco target to VND 54,300 on October 1, 2026.
First-half profit rose 21.40 percent to VND 2,488.80 billion.
Sabeco stock stood at VND 42,800 on October 20, 2026, unchanged on HOSE.
Second-quarter gross margin reached 38.70 percent.

Sabeco, VN000000SAB4, Illustration mit AI erstellt.

Vietcap cut its target for Sabeco stock to VND 54,300 on October 1, 2026, while maintaining a Buy rating. The latest available HOSE quotation stood at VND 42,800 on October 20, 2026, unchanged from the prior close.

Vietcap lowers its target

According to Vietcap, the new VND 54,300 target was 8.00 percent below its previous target. The firm retained its Buy rating and said the valuation update reflected a lower target price-to-earnings multiple, partly offset by higher projected attributable profit for 2026 to 2030.

The target remains above the latest HOSE price by 26.64 percent, calculated from VND 42,800 to VND 54,300. Vietcap also projected cash dividends of VND 5,000 per share annually from 2026 through 2031, with an estimated yield of 11.50 percent.

Profit growth outpaces revenue

Sabeco reported first-half 2026 revenue of VND 13,345.20 billion, up 5.80 percent from the same period a year earlier, while profit after tax increased 21.40 percent to VND 2,488.80 billion, according to Vietnam Investment Review. After six months, those figures represented 46.00 percent of the company revenue target and 50.40 percent of its profit target for 2026.

The quarterly mix was more uneven. A report carried by Vinetur said second-quarter revenue reached VND 6,888.00 billion, up 1.00 percent year over year, while net profit fell 3.00 percent to VND 1,167.00 billion. Gross margin nevertheless reached 38.70 percent in the quarter.

Price and valuation context

The HOSE price of VND 42,800 on October 20, 2026 was inside the reported 52-week range of VND 39,340 to VND 53,420. That placed the stock 19.88 percent below its 52-week high, based on figures published by HODL.VN.

For investors, the central contrast is clear: first-half profit grew 21.40 percent while revenue rose 5.80 percent. Vietcap expects stronger profitability to offset moderate beer revenue growth, but its report also points to higher excise taxes from 2027 as a pressure on the longer-term outlook.

Comparison with peers

Sabeco: unchanged on October 20, 2026, market capitalization VND 55.30 trillion.

Sabeco's valuation remains tied to margin execution and dividend capacity rather than fast revenue expansion. The next material comparison will be whether quarterly profit growth can keep exceeding sales growth after the 38.70 percent second-quarter gross margin.

What comes next for Sabeco

Vietcap's October 1, 2026 research update gives the stock a dated valuation marker, while the first-half 2026 report provides the latest reported operating comparison. The VND 54,300 target is 26.64 percent above the October 20, 2026 HOSE price.

The latest HOSE price was VND 42,800 on October 20, 2026, unchanged on the day. This quotation is the last stated market value for Sabeco stock.