Vincom Retail Joint Stock Company: Retail momentum rings on

Research evidence excerpt

Vincom Retail Joint Stock Company: Retail momentum rings on

Global Research

25 June 2026ab

Vincom Retail Joint Stock Company Equities

VietnamRetail momentum rings on

Real Estate

12-month rating Buy

Sustained retail momentum

The latest high-frequency data points to sustained double-digit momentum in Vietnam 12m price target D41,100.00

retail sales, with May 2026 up 11.8% YoY and May-to-date up ~11.2% YoY, despite a Prior : D40,200

high base. As the largest retail landlord, this outlook is supportive for VRE's portfolio

Price (25 Jun 2026) D29,600

tenant sales and leasing. The data also indicates sustained discretionary demand,

particularly in F&B and services, which have been the more resilient categories for mall RIC: VRE.HM BBG: VRE VN

traffic and tenant productivity. With gearing low at 4%, we think VRE remains insulated

Trading data and key metrics

from the funding squeeze across the broader property sector. The April AGM

52-wk range D43,400.00-24,050.00

corroborates this resilience, with shareholders approving a VND1,000 per share cash

dividend funded from accumulated profits, marking VRE's first cash payout since Market cap. D67,261b/US$2.55b

FY2018. We continue to like VRE for its exposure to Vietnam's consumption recovery Shares o/s 2,272m (ORD)

and reiterate our Buy rating. Free float 36%

Avg. daily volume ('000) 7,119

Formalisation of household retail supports modern trade Avg. daily value (m) D220,671.4

We believe the retail landscape should continue to evolve in favour of modern landlords. Common s/h equity (12/26E) D51654b

In January 2026, Vietnam abolished the lump-sum presumptive tax regime for P/BV (12/26E) 1.3x

household businesses and replaced it with a revenue-based self-declaration and EPS (UBS, diluted) (D)

mandatory e-invoicing for larger traders.