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VIC - UNDERPERFORM - Prime Developer, but overpriced - Update

We increased our fully-diluted target price from VND56,800 to VND62,800 thanks to an improved RNAV, but downgraded our recommendation from MARKET PERFORM to UNDERPERFORM as the share price moved ahead of fundamentals based on current state of VIC’s projects. Residential sales should improve slightly in 2014, while VIC’s recurring revenues will likely grow thanks to the launches of the two mega malls in 2013 and additional retail properties coming up.