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VIC [BUY +40.9%] - Building on, and for, Vietnam’s emerging middle class - Update

We upgrade VIC to BUY with a revised target price of VND105,000/share, mainly on the Vinhomes and VinCity additional pipeline and brighter outlook of VIC’s targeted residential segment. Solid unbilled pre-sales from all property projects of VND107 trillion (USD4.7 billion) will bolster the earnings outlook with 2017-2020F CAGR of 44% for VIC.