We recommend BUY for VIC shares. VIC has the advantage of a large land fund at prime locations, to raise capital and good experience in implementing projects.
In addition, VIC has high and stable revenues from the lease activities in the 3 towers finished. Growth rates in the coming years could reach high levels with projects are already underway. According to our estimates, the value of VIC share is around 104,000 VND per share, which means that VIC is being traded 40% under its intrinsic value.