VHM – Time to appear on investors’ radar – Initiation

• Vinhomes JSC (VHM) has a land bank of 16,400ha (as of 2018) which should sustain at least 15 years of development, in our view.
• We expect a 64.9% CAGR in contracted value in FY18-21F with major contribution from its sizeable mid-range projects.
• We expect strong delivery from mid-range projects to fuel 36.7% net profit CAGR in FY18-21F.
• We initiate coverage of VHM with an Add rating and RNAV-based TP of VND104,300 due to positive presales outlook and attractive valuation.

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