Company Insight

Initiating coverage with a BUY rating and a target price of VND 33,000/share

Vincom Retail (HOSE: VRE) is Vietnam's largest shopping mall operator, owning and operating 90 malls across 31 of 34 provinces and cities under four formats - Vincom Center, Vincom Mega Mall, Vincom Plaza and Vincom+. We initiate coverage with a BUY rating on VRE with a target price of VND 33,000/share, derived from a NAV valuation, on four key points: 1) Vietnam's retail sector is on a strong growth trajectory against a backdrop of limited new leasable supply through 2030; (2) VRE's entrenched position and sizeable growth runway in mall leasing, underpinned by the Vingroup ecosystem; 3) Property sales are set to be a powerful growth driver over 2027-2029; and 4) A healthy financial structure with low debt, relatively stable cash flow, and the first ever cash dividend payment