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VPH - Land sale to alleviate debt burden - Visit Note

VPH has a quality land bank in South Saigon and looks undervalued at P/B of 0.6x vs. peers of 0.9x. However, the company is struggling financially and forced to focus on selling land. If VPH manages to sell 30ha in Nha Be to 2 universities as planned, financial position would be much improved.