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VIC [BUY +32%] – 2015F P&L reflects the end of the beginning - Update

VIC maintained excellent residential sales progress with new contract value reaching VND 49.7t in 9M15, tripling what was achieved throughout 2014. This amount is larger than the recognized residential sales in 2014 and 2015E combined, implying highly visible earnings growth in the next few years. We estimate 9M15 cash received from residential projects at VND 39.5t, bolstering operating cash flows of VND 18.7t in 9M15 vs VND 3.0t in 9M14.