VRE – The emporium with imperial brand – Initiation

• Vincom Retail JSC (VRE) is Vietnam’s largest retail property developer as at 30 Jun 2019 in terms of total retail floor area, per our estimates.
• VRE stands to benefit from the rise in modern retail channels, in our view.
• We expect VRE to deliver a 39% net profit CAGR, underpinned by 29% leasing revenue CAGR, over FY19-21F.
• Initiate coverage on VRE with an Add rating and DCF-based target price of VND43,900 thanks to the robust network expansion and attractive valuation.

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