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- We reiterate our BUY rating for VRE but cut our target price by 23% to VND31,900/share. We believe VRE remains well positioned to capitalize on the rise of modern retail in Vietnam with competitive advantages via prime locations, a nationwide scale, and land bank access.
- Our lower target price is mainly because we apply a 20% discount on our RNAV estimates in this Update Report to more reflect prevailing stock market sentiment on VRE as we observe that VRE’s share price (despite its strong fundamental performance) has been increasingly correlated with that of VIC/VinFast.
- We broadly maintain our 2023F NPAT-MI of VND4.2tn (USD173mn; +50% YoY) as we maintain our expectation for resilient retail leasing performance and the unbilled backlog of property sales to support Q4 2023F earnings.
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