Vinhomes: ASEAN Real Asset Forum takeaways

Research evidence excerpt

Vinhomes: ASEAN Real Asset Forum takeaways

J P M O R G A N Asia Pacific Equity Research

09 July 2026

Vinhomes Overweight

VHM.HM, VHM VN

ASEAN Real Asset Forum takeaways Price (08 Jul 26):D150,000.00

Price Target (Jun-27):D156,000.00

We recently hosted VHM as part of our ASEAN Real Asset Forum. Management’s Singapore/ASEAN Property and

messaging reflects a company that has completed its land accumulation phase and REITs

is now firmly focused on monetization, execution and cash flow generation,. VHM Terence M Khi AC

clarified that the slowdown in landbank expansion applies only to entirely new land (65) 6882-1518

acquisition initiatives, while a substantial pipeline of projects continues to progress terence.ml.khi@jpmorgan.com

through government approvals and development processes. The emphasis over the J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

next several years will be on converting the existing landbank into revenue, profit Morgan Broking (Hong Kong) Limited

and cash flow, with the overall narrative increasingly centered on infrastructure- Mervin Song, CFA AC

linked value creation, maintaining strong absorption rates in the mid-market (65) 6882-7829

housing segment, and leveraging Vietnam’s ongoing infrastructure boom to mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

unlock value from some of the country’s largest master-planned developments. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• Landbank Vinhomes now controls approximately 400 million square meters Khoi Vu, CFA

of land, equivalent to around 40,000 hectares. This compares with roughly (65) 6882-8170

20,000 hectares a year ago, effectively doubling the size of the landbank.