VRE [BUY +43.1%] - Q3 2020 recovery sets foundation for strong 2021 growth - Update
  • 2020-11-24T21:44:47
  • Company Research
We maintain a BUY rating for VRE while raising our target price 14% to VND40,000/share mainly due to 1) rolling our target price horizon to end-2021, 2) a lower cap rate assumption for VCC and VMM malls and 3) lower WACC as a result of a lower cost of equity assumption. We maintain our 2020F NPAT-MI forecast of VND2.1tn (USD89.9mn; -27% YoY) as 9M 2020 results were broadly in line with our expectatation. We also expect the upcoming tenant mix upgrade in some malls (details on page 6) and our e