VIC [M-PF +9.6%] - Property market leader on quest for sustainable growth - Update

We reiterate our M-PF rating on VIC with a revised TP of VND46,600 per share (+9.6% upside). 10% Y-o-Y growth of 9M pre-sales to boost earnings prospects for 2017 and 2018. Strong property revenue to fuel 2016 and 2017 EPS growth of 62.1% and 71.7%, respectively. 4.3x P/B is higher than peers as VIC owns a valuable investment and hospitality property portfolio