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VIC [BUY +45%] - Capital market war chest catapults VIC forwards - Re-initiation

VIC offers unique exposure to two attractive sectors – property and retail. Capital market scale underpinned VIC’s continual construction and land bank expansion in market downturn, putting it atop in market recovery. Residential sales projected to average VND38tn between 2015-2017 vs VND16.4tn in 2014. NPAT is set to surge in 2016 on extensive handover. Fast growing recurring income streams are solidifying business resiliency.