CRE – Secondary property investment to drive earnings growth – Initiation

• Century Land JSC (CRE) is the leading property broker, with a 42% market share, in Vietnam’s Northern region
• We expect CRE’s FY20-21F net profit to be boosted by secondary property investment and distribution of Vinhomes housing products.
• We initiate coverage on CRE with Add rating and TP of VND22,000.

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