External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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><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>

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