External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li><p style="text-align: justify;"><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;"><strong>New project preparations and launches have ramped up in 2024 YTD: </strong>The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</span></p></li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li><p style="text-align: justify;"><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;"><strong>We project market transactions to strengthen in Q4 2024 and 2025</strong>, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</span></span></p></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>In 3Q22, Vingroup recorded a slight drop in revenue to VND28.7tn (-4.5% YoY).</li><li>Of this, revenue from the real estate segment reached VND16.6tn (-16% YoY), while revenue from commercial leasing doubled YoY to roughly VND2tn.</li><li>Even more impressive was the tourism segment, which tripled its revenue to VND2.1tn, thanks to the return of domestic tourists.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 3Q22, Vingroup recorded a slight drop in revenue to VND28.7tn (-4.5% YoY).Of this, revenue from the real estate segment reached VND16.6tn (-16% YoY), while revenue from commercial leasing doubled YoY to roughly VND2tn.Even more impressive was the tourism segment, which tripled its revenue to VND2.1tn, thanks to the return of domestic tourists.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vingroup JSC (VIC VN) - Commercial leasing and hospitality segment leads 3Q

<p>Target price: Upside: (VIC VN)</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Target price: Upside: (VIC VN)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vingroup JSC (VIC VN / Buy) - Expect strong recovery in 1H22

<p>[Vietnam] Real Estate August 18, 2022 (Maintain)</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

[Vietnam] Real Estate August 18, 2022 (Maintain)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Target price: Upside: 20.2% (VIC VN)<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Target price: Upside: 20.2% (VIC VN)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vingroup JSC (VIC VN / Buy) - Will the giant roar again?

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)

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap