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REE [BUY +50.6%] - Nice surprise from all traditional business segments - Update

We reiterate a BUY rating for REE with a TSR of 50.6%, while trimming our target price from VND48,100 to VND47,700 despite raising our earnings forecast for 2018 and 2019 by 13.3% and 14.8%, respectively. We project 2018 earnings growing 13.3% vs flat in our previous report due to higher contribution from E-town Central, an impressive accumulated backlog of the Mechanical & Engineering segment at end-September and on-going contribution of the real estate segment.