External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

Federal Realty Investment Trus / Equity Bottom-Up

<ul><li>We raise our target price (TP) for FRT by 8% to VND178,800/share and maintain our BUY rating.</li><li>Our higher TP is driven by the positive impacts of rolling our TP horizon forward to end-2026, while maintaining our 2026-29F aggregate NPAT-MI forecast.</li><li>We are positive about FRT’s long-term outlook with a projected NPAT-MI CAGR of 34% in 2025- 30F.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) for FRT by 8% to VND178,800/share and maintain our BUY rating.Our higher TP is driven by the positive impacts of rolling our TP horizon forward to end-2026, while maintaining our 2026-29F aggregate NPAT-MI forecast.We are positive about FRT’s long-term outlook with a projected NPAT-MI CAGR of 34% in 2025- 30F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT [BUY +23.9%] - Healthcare Dominance Drives Long-Term Growth; ICT Recovers

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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<ul><li>Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.</li><li>In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.</li><li>In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Brighter Picture in 2024F by Tremendous Long Chau Prospects

United States

Federal Realty Investment Trust is a self-administered real estate investment trust. The Company specializes in the ownership, management, development, and redevelopment of prime community and neighborhood shopping centers. Federal Realty Investment Trust serves customers in the United States.

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Federal Realty Investment Trus (FRT US)

FRT [BUY +23.9%] - Healthcare Dominance Drives Long-Term Growth; ICT Recovers

Our higher TP is driven by the positive impacts of rolling our TP horizon forward to end-2026, while maintaining our 2026-29F aggregate NPAT-MI...

Vietcap

FRT - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop & Long Chau.

Rong Viet Securities

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