VRE - Q1 2022 continues to recover QoQ — in line with our expectation - Earnings Flash
  • 2022-04-28T00:00:00
  • Company Research

VRE announced Q1 2022 results with revenue of VND1.4tn (USD59.5mn; flat QoQ and -38% YoY) and NPAT-MI of VND377bn (USD16.4mn; +210% QoQ and -52% YoY). Although Q1 2022 NPAT-MI completed 16% of our full-year forecast, we anticipate insignificant change to our 2022F NPAT-MI forecast of VND2.4tn (USD105.2mn; +84% YoY) as we maintain our expectation that VRE will resume mall launches as well as our view on Vietnam’s retail leasing industry recovery in 2022.


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