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REE - Investments into utilities paying off, new office project to drive growth in leasing segment - AGM Note

REE to break ground on new office leasing project that could boost property leasing segment profit by 40% from 2017E. REE is trading at P/E of 7.5x FY15E company guidance EPS of VND3,500. Company targets VND1,000 cash dividend (yield 3.8%) for 2015, down from VND1,600 in 2014, to retain capital for aforementioned office project.