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VEA [BUY +30.8%] - Honda sparkles, Toyota to follow suit in second half - Update

We reiterate our BUY rating on VEA, which boasts an attractive three-year PEG of 0.6 and a rich dividend yield of 9.4%. We raise our TP by 28% as VEA’s automobile affiliates outperformed our expectation and as we factor in the company’s big war chest at the holdco level. H1 2018 solidifies our bullish view on VEA, premised on its exposure to Vietnam’s promising automobile market via 20%-30% stakes in Honda, Toyota and Ford Vietnam.