VRE – Recovery ahead – Update

• 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.

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