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VRE – A mixed picture in 2H20F – Earnings Flash

Company Note 30/07/2020    126

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  • Vincom Retail’s (VRE) 2Q20 revenue fell 17.8% yoy to VND1,630bn, of which the leasing segment revenue fell 21.2% yoy to VND1,307bn.
  • VRE’s 1H20 revenue fell 22.3% yoy to VND3,316bn and net profit declined 33.2% yoy to VND835bn, forming only 34.7% of our full-year forecast.
  • Vincom Retail trophy assets appear in the radar of investors which located in prime locations in HCMC and management said they may consider to entertain such requests should the price justify the premium of the assets.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND25,550

VND38,000

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