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REE - BUY - Cash rich investment house – Update

We reiterate our BUY rating and increase our target price to VND29,400 thanks to the increase in REE’s investment portfolio value. We continue to like the cash flow story stemming from REE’s core businesses, the interest income and the dividends from its associates. All that cash enables the company to further expand its investment portfolio. Current share price discount REE’s portfolio by 48%, which we believe is not fair.