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- We downgrade our rating for VIC from BUY to OUTPERFORM and decrease our target price by 38% to VND49,500/share mainly due to higher discounts to our RNAV estimates for VHM/VRE to 30%/20% vs 10%/0% previously.
- We forecast 2023F PBT of VND12.7tn (USD531mn; flat YoY), which is mainly driven by strong property sales and resilient retail leasing segments and other income resulting from the Chairman’s grants to VinFast. We forecast 2023F NPAT-MI of VND2.1tn (USD86mn; -77% YoY).
- For 2024F, we forecast that continued EBIT improvement for main businesses and the Chairman’s grants to VinFast will support our 2024F PBT of VND11.8tn (USD493mn; -7% vs 2023F). We expect 2024F improvement in homebuyer confidence and overall consumer spending to support VIC’s real estate arms VHM, VRE, and Vinpearl.
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