VRE – Looking beyond short-term challenges – Update

• FY19 net profit was in line at 102% of our full-year forecast, driven by the opening of 13 new malls and impressive margin expansion.
• We expect FY20F leasing revenue to grow 16.5% yoy, supported by a 16.4% yoy growth in total GFA and average rental rate growth of 6.3% yoy.
• Reiterate Add with a lower DCF-based TP of VND42,600 (WACC: 12.4%).

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