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REE [NON-RATED] - Management sets conservative targets as usual - AGM Note

We covered REE’s well-attended AGM yesterday. Most investor questions focused on REE’s power and real estate segments. REE guided for 26.1% 2017 revenue growth - mainly from real estate - and nominal 3.9% NPAT growth as Mechanical & Engineering is expected to slow from 2016’s high base. REE is trading at a trailing P/E ratio of 7.8x while 2016’s actual dividend will be VND1,600/share (5.8% yield), 33% higher than previous guidance. Dividend guidance for 2017 is at least VND1,000/share