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REE [BUY +37.0%] - Eyeing new investments to boost earnings growth - AGM Note

We attended REE’s AGM on March 29, 2018 in HCMC. REE conservatively guides for 14% revenue and flat NPAT growth for 2018, which are 1.4 and 14.0 percentage points below our forecast. REE guides for new investment of USD130mn in 2018, triple that of last year, in power, water and real estate, which confirms our view that earnings growth could be much higher from new investments.