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.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND25,400
|
VND38,000
|
0%
|
ADD
|
PROPERTY DEVELOPMENT
|
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