- We reiterate our BUY rating for VRE while maintaining our target price at VND31,900/share.

- VRE’s valuation looks attractive at a 2024F P/E of 13.9x (based on our forecast) vs the three-month average of the regional peer median consensus of 2024F P/E of 20.5x, in addition to our projected 2024-28F NPAT-MI CAGR of 13% for VRE. 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.

Powered by Froala Editor