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VIC [BUY +25.7%] - Rock-solid multi-year growth ahead - Update

We reiterate our BUY rating on VIC and raise our target price 52%, reflecting: (1) Recently announced mega residential projects; (2) Improved monetization prospects for the Long Beach landbank (Can Gio district, HCMC), following approval of the 1:5000 ratio master plan and progress of transportation infrastructure projects linking Can Gio to HCMC (3) DCF roll-over, lower WACC. We expect a strong VND100tn (USD4.4bn) backlog of residential development projects as of end-2017 to drive medium