VGC shares are recommended for purchase.

SKĐS - BSC Securities recommends buying VGC shares based on its assessment of business performance and potential for price appreciation in 2026.

According to BSC, the revenue and after-tax profit - minority shareholder of Viglacera Corporation - Joint Stock Company (VGC) in Q1/2026 reached 22% and 15% of BSC's projections, respectively, because the recognition of the industrial park real estate segment falls in the second half of 2026.

Specifically, the building glass segment achieved 35% of its revenue forecast and a gross margin of 12%, 4 percentage points higher than expected.

However, BSC stated that it would be necessary to wait for the Q2 business results to confirm this positive trend before raising its forecast.

VGC shares are recommended for purchase (illustrative image).

Regarding the industrial real estate segment, at the 2026 Annual General Meeting, the management shared that the company had signed contracts for 111 hectares in just the first four months of the year. Therefore, the fact that only 22 hectares were handed over in the first quarter (reaching 15% of the planned 150 hectares and 12% of the projected 179 hectares) is related to the timing of revenue recognition rather than reflecting the actual situation. Revenue from this segment is expected to increase significantly in subsequent quarters.

BSC maintains its buy recommendation for VGC shares with a 2026 target price of VND 51,800/share, an upside of +23% (compared to the reference price on June 1, 2026) based on the sum-of-the-parts valuation method.

Despite a 5% downward revision in valuation compared to BSC's previous report, the stock price has already fallen 25% from its most recent peak, creating investment opportunities.

BSC estimates that the projected after-tax profit - minority shareholders in 2026 will reach VND 1,441 billion (a 3% increase), and VGC shares are currently trading at a forward P/E ratio of 13.4x in 2026, a 15% discount compared to the average of 2021-2025 (15.8x).

Source: https://suckhoedoisong.vn/co-phieu-vgc-duoc-khuyen-nghi-mua-169260601201911616.htm