- We reiterate our BUY rating for VHM and maintain our target price of VND56,400/share. We believe VHM is well-positioned for growth in Vietnam’s residential property sector over the long run with its leading market position, large land bank, and proven track record in large-scale project development. Valuations are attractive at projected 2024/25F P/B multiples of 0.9x/0.8x, respectively.

- We forecast 2024F NPAT-MI of VND29.3tn (USD1.2bn; -12% YoY) which is mainly driven by scheduled deliveries at Ocean Park 2 & 3 (accounting for ~70% of our 2024F underlying property revenue projection) and expected new sales at the Vu Yen project. We forecast a YoY decline in 2024F NPAT-MI mainly due to expected lower bulk sales recognition vs 2023.

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