As of the August 13 strategy report, Maybank Investment Bank maintains a positive outlook for the second half of 2025, raising its year-end VN-Index target by 20% to 1,800 points. This upgrade is underpinned by a target P/E of 14.5x, in line with the five-year average, and an expected earnings growth of 18.5% year-over-year for 2025.