- We reiterate our BUY rating for VRE and increase our target price by 2.2% to VND41,400/share. Our higher target price is mainly due to our 50-bp lower cap rate assumptions for Vincom Center (VCC) and Vincom Mega Mall (VMM) malls as we believe the substantial policy rate cuts thus far this year and the Government’s fiscal stimulus will support economic growth and consumer sentiment vs H1 2023.

- We broadly maintain our 2023F NPAT-MI of VND4.1tn (USD172mn; +46% YoY), which is driven by (1) the ongoing recovery of tenant businesses, (2) full-year contributions from new malls opened in H1 2022, and (3) property sales recognition in H2 2023F.

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