- VRE reported strong QoQ improvements in its Q3 2023 results with net revenue of VND3.3tn (USD139mn; +53% QoQ and +66% YoY) and its NPAT-MI of VND1.3tn (USD55mn; +32% QoQ and +66% YoY), which were mainly supported by higher property sales handovers (268 shophouse units in Quang Tri and Dien Bien projects delivered in the quarter).

- For 9M 2023, VRE’s net revenue (of which the retail leasing segment accounted for 78%) increased 43% YoY to VND7.4tn (USD310mn) and NPAT-MI surged 72% YoY to VND3.3tn (USD139mn). Considering that VRE's 9M 2023 NPAT-MI has achieved 82% of our full-year forecast, we anticipate slight upside potential for our forecast, pending a more thorough review.

- VRE’s retail leasing segment reported 9M 2023 growth of 19% YoY in revenue (VND5.8tn/USD243mn) and 31% YoY in gross profit (VND3.4tn/USD143mn) – which are equivalent to 73% and 74% of our 2023F respective forecasts. The segment’s gross margin was 58.9% in 9M 2023 vs our 2023F forecast of 58.2%. Total footfall at VRE’s malls was 133.5 million in 9M 2023, up 3.2% YoY and reaching 89% of pre-COVID levels.

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