Refrigeration Electrical Engineering Corporation (HoSE: REE) is one of the top leaders in the utility sector listed on the stock exchange. REE has had a stable ROE through many years and an effective business model with the BoD has a suitable orientation for the times. Based on the FCFF method, we recommend buying REE at a valuation of VND 88,300. The revenue and NPAT of REE are expected to increase solidly thanks to: (1) The hydropower segment skyrocketed & tap water segment brought steady cash flow; (2) Etown 6 project will robust the revenue of the real estate segment from 2023; (3) The recovery of the M&E segment with key projects.
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