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VRE – Recovery ahead – Update

Company Note 30/06/2020    191

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  • Vincom Retail’s (VRE) 1QFY20 revenue fell 26.2% yoy to VND1,686bn, while net profit decreased by 19.5% yoy to VND492bn, short of our expectations.
  • Footfall at Vietnam’s shopping centres has recovered significantly after social distancing ended in Apr, according to Google’s data and VRE’s information.
  • Reiterate Add with a lower TP of VND38,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND25,400

VND38,000

0%

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PROPERTY DEVELOPMENT

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