- We reiterate our BUY rating for VIC and increase our target price by 4.2% to VND79,300/share mainly due to our 6% higher valuation for the property sales segment. 

- We lower our 2023F EBIT forecast by 7% to VND1.1tn (USD47mn), primarily driven by a higher proportion of property deliveries under business cooperation contracts (BCCs) with bulk sales buyers that have lower margins. However, we expect strong property sales recognition and a recovery of the retail leasing segment to more than offset EBIT losses for the industrial and hospitality segments. We raise our 2024/25F EBIT forecasts by 14%/8% mainly due to our lower EBIT loss projection for the industrial segment in accordance with better-than-expected Q2 2023 results, which is partly offset by our lower EBIT recovery projection for hospitality segment. Hence, we revise our 2023/24/25F NPAT-MI forecasts by -7%/2%/9%, respectively.

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