External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Vincom Retail JSC (VRE) recorded 9M25 revenue of VND6,525bn (-4% YoY) and NPAT of VND3,787bn (+25.8% YoY).</li><li>The topline decline reflected an 85% YoY drop in property handovers (VND115bn) as the shophouse cycle nears completion, while leasing revenue remained solid at VND6,218bn (+6.3% YoY), supported by five new malls opened in 2024 and occupancy rising to 87% (+2.2ppts).</li><li>NPAT benefited from SG&amp;A falling to 7.3% (from 9.8% in 9M24)</li></ul><div class="content-highlight"><em>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.</em></div>

Vincom Retail JSC (VRE) recorded 9M25 revenue of VND6,525bn (-4% YoY) and NPAT of VND3,787bn (+25.8% YoY).The topline decline reflected an 85% YoY drop in property handovers (VND115bn) as the shophouse cycle nears completion, while leasing revenue remained solid at VND6,218bn (+6.3% YoY), supported by five new malls opened in 2024 and occupancy rising to 87% (+2.2ppts).NPAT benefited from SG&amp;A falling to 7.3% (from 9.8% in 9M24)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.

Vincom Retail JSC (VRE VN) - Sale of Vincom NCT to Boost 4Q25 Results

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li style="text-align: justify;">For VIC, we raise our 2025/26/27F PBT forecasts by 38%/21%/24% due to stronger anticipated property sales.</li><li style="text-align: justify;">For VHM, we lift our 2025/26/27F NPAT-MI forecasts by 10%/12%/15%, mainly driven by a more positive presales outlook for Green Paradise.</li><li style="text-align: justify;">We raise VHM’s aggregate 2025– 27F presales forecast by 31% on our projections for faster presales at Green Paradise and Apollo City, as well as an earlier projected launch of Phuoc Vinh Tay in 2027F. </li></ul><p><em>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.</em></p>

For VIC, we raise our 2025/26/27F PBT forecasts by 38%/21%/24% due to stronger anticipated property sales.For VHM, we lift our 2025/26/27F NPAT-MI forecasts by 10%/12%/15%, mainly driven by a more positive presales outlook for Green Paradise.We raise VHM’s aggregate 2025– 27F presales forecast by 31% on our projections for faster presales at Green Paradise and Apollo City, as well as an earlier projected launch of Phuoc Vinh Tay in 2027F. 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.

VRE [MARKET PERFORM -7.0%] - Stable Retail Leasing, Property Sales to Drive 2026F Core Profit

<ul><li>In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).</li><li>In 2025, it plans to open two VMMs and one VCP, adding 120,000 m², including Vincom Mega Mall Ocean City (Hưng Yên) in 2Q25 (53,200 m²), Vincom Mega Mall Royal Islands (Hải Phòng) in 3Q25 (47,600 m²), and Vincom Plaza Vinh (Nghệ An) in 4Q25 (19,000 m²).</li><li>This adds 210,000 m² (+12% vs. end-2023), marking a recovery after the 2020–2023 period, when only three malls (VMM Smart City, VCP My Tho, VCP Bac Lieu) opened, due to COVID-19 and macroeconomic challenges</li></ul><div class="content-highlight"><em>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.</em></div>

In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).In 2025, it plans to open two VMMs and one VCP, adding 120,000 m², including Vincom Mega Mall Ocean City (Hưng Yên) in 2Q25 (53,200 m²), Vincom Mega Mall Royal Islands (Hải Phòng) in 3Q25 (47,600 m²), and Vincom Plaza Vinh (Nghệ An) in 4Q25 (19,000 m²).This adds 210,000 m² (+12% vs. end-2023), marking a recovery after the 2020–2023 period, when only three malls (VMM Smart City, VCP My Tho, VCP Bac Lieu) opened, due to COVID-19 and macroeconomic challengesContent 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.

Vincom Retail JSC (VRE VN/Buy/TP: VND24,100) - Launching 2 VMM & 1 VCP in 2025

<ul><li>In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).</li><li>In 2025, it plans to open two VMMs and one VCP, adding 120,000 m², including Vincom Mega Mall Ocean City (Hưng Yên) in 2Q25 (53,200 m²), Vincom Mega Mall Royal Islands (Hải Phòng) in 3Q25 (47,600 m²), and Vincom Plaza Vinh (Nghệ An) in 4Q25 (19,000 m²).</li><li>This adds 210,000 m² (+12% vs. end-2023), marking a recovery after the 2020–2023 period, when only three malls (VMM Smart City, VCP My Tho, VCP Bac Lieu) opened, due to COVID-19 and macroeconomic challenges.</li></ul><div class="content-highlight"><em>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.</em></div>

In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).In 2025, it plans to open two VMMs and one VCP, adding 120,000 m², including Vincom Mega Mall Ocean City (Hưng Yên) in 2Q25 (53,200 m²), Vincom Mega Mall Royal Islands (Hải Phòng) in 3Q25 (47,600 m²), and Vincom Plaza Vinh (Nghệ An) in 4Q25 (19,000 m²).This adds 210,000 m² (+12% vs. end-2023), marking a recovery after the 2020–2023 period, when only three malls (VMM Smart City, VCP My Tho, VCP Bac Lieu) opened, due to COVID-19 and macroeconomic challenges.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.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.</li>
<li>The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.</li>
<li>We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.</li>
</ul>


After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.


Vietnam: Global Index Inclusion & Passive Flows

Vietnam

Vincom Retail Joint Stock Company owns and develops shopping malls. The Company offers dining, apparel, gaming, theme park, and entertainment facilities. Vincom Retail serves customers in Vietnam.

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Vincom Retail (VRE VN)

Vincom Retail JSC (VRE VN) - Sale of Vincom NCT to Boost 4Q25 Results

The topline decline reflected an 85% YoY drop in property handovers (VND115bn) as the shophouse cycle nears completion, while leasing revenue...

Mirae Asset Securities

VRE [MARKET PERFORM -7.0%] - Stable Retail Leasing, Property Sales to Drive 2026F Core Profit

For VHM, we lift our 2025/26/27F NPAT-MI forecasts by 10%/12%/15%, mainly driven by a more positive presales outlook for Green Paradise.

Vietcap

Vincom Retail JSC (VRE VN/Buy/TP: VND24,100) - Launching 2 VMM & 1 VCP in 2025

In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).

Mirae Asset Securities

Vincom Retail JSC (VRE VN/Buy/TP: VND24,100) - Launching 2 VMM & 1 VCP in 2025

In 2024, VRE launched one Vincom Mega Mall (VMM) and four Vincom Plaza (VCP) locations, adding over 90,000 m² of gross floor area (GFA).

Mirae Asset Securities

Vietnam: Global Index Inclusion & Passive Flows

Vietnam could be added to a global index in Sep 2026. The final decision will be made in March. We see 21 stocks currently meeting index inclusion...

Brian Freitas

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