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VIC [OUTPERFORM +13.9%] - Busy deliveries balance retail and hospitality headwinds - Update

We maintain our fundamental views on VIC and target price of VND46,600 per share. However, the share price fell 4% since our previous update report, thereby improving the rating to OUTPERFORM with total return of 13.9%. Locked-up pre-sales from previous years will bolster 2017 NPAT-MI growth of 12%. Positive sales progress in Hanoi market propels 5% growth of 2017 pre-sales forecast. Continuing expansion of retail and hospitality segments will undermine bottom line