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Equity Bottom-Up

<p>Vingroup is a pioneer in various sectors in Vietnam, including residential, consumer retail, leasing, hospitality as well as being an automobile maker. In term of land acquisition and development progress, Vingroup is growing faster than competitors. Currently the company has secured a land bank of 91 million sqm of which the majority of sites are located at strategic locations in Hanoi, HCMC, and tier-2 cities. Furthermore, Vingroup plans to adapt its business model to grow recurring revenues from consumer retail and service businesses. It plans to expand its network of commercial properties, hospitality assets and consumer retail operations.<br>We believe the fair price of VIC is around VND115,200 / share. This target price yields a total return of 21.1% (calculated based on the closing price on February 26, 2018). Therefore, we recommend that investors BUY the stock.</p>

Vingroup is a pioneer in various sectors in Vietnam, including residential, consumer retail, leasing, hospitality as well as being an automobile maker. In term of land acquisition and development progress, Vingroup is growing faster than competitors. Currently the company has secured a land bank of 91 million sqm of which the majority of sites are located at strategic locations in Hanoi, HCMC, and tier-2 cities. Furthermore, Vingroup plans to adapt its business model to grow recurring revenues from consumer retail and service businesses. It plans to expand its network of commercial properties, hospitality assets and consumer retail operations. We believe the fair price of VIC is around VND115,200 / share. This target price yields a total return of 21.1% (calculated based on the closing price on February 26, 2018). Therefore, we recommend that investors BUY the stock.

VIC - Undisputed Leader in Various Businesses

Vietnam

Vingroup Joint Stock Company operates as a real estate development company. The Company develops apartments, malls, hotels and resorts, health care, educational, convention center, amusement parks, and entertainment properties. Vingroup serves customers worldwide.

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Vingroup Jsc (VIC VN)

VIC - Undisputed Leader in Various Businesses

Vingroup is a pioneer in various sectors in Vietnam, including residential, consumer retail, leasing, hospitality as well as being an automobile...

Rong Viet Securities

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