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VIC [M-PF -5.0%] - H1 results benefit from large one-off income - Update

We reiterate a M-PF rating on VIC. The strong Q2 earnings growth was driven by one-off income while hospitality and consumer retail recorded losses and real estate EBIT margin declined. The stock is fairly priced given pressure in the residential market and VIC’s heavy losses in consumer retail and hospitality.