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VIC [Reiterate BUY +39%] – YTD residential sales reinforce our optimism – Update

VIC reveals impressive residential sales progress in today’s analyst call. In 4M15, residential sales reached circa VND 15.7t, equivalent to 42% of our full-year forecast. The aforementioned figure excludes Landmark 1 & 2 towers launched last month and any towers subject to wholesale transactions at Vinhomes Central Park (VCP) project. VIC will pay share dividends for FY14 and 1Q15 at the ratio of 1,000:258, ex-dividend date is set on 16 June 2015.