VRE – Update – Attractive valuation for new opportunities
Posted: Feb 11, 2026
- In 4Q25, VRE recorded a 145% yoy increase in net profit, driven by one-off gain from divestment. For FY2025, net profit reached VND 6,446 bn, fulfilling 99% of MBS Research’s full-year earnings forecast.
- Property sales are no longer expected to take place in 2026 as previously anticipated. Accordingly, net profit is projected to decline by 15% in 2026 before rebounding by 19% in 2027 on a yoy basis.
- Reiterate ADD rating with a lower target price of VND 35,200 per share.
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