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VIC [BUY +30%] – Residential sales delivering on lofty expectations – Update

VIC remains our favourite to play Vietnam’s property market recovery thanks to its sustainable advantages to succeed in the high-end segment. 7M15 residential sales exceed our expectation, reaching VND 30.6t vs VND 16.4t in the whole FY14 and our full-year forecast of VND 37.3t. VND 22.5t came from projects in HCMC and Hanoi with the rest from resort villas.