X-Point | VRE VND 40,100, +39%: 2026 AGM — Accelerating growth, breaking through

1. Q1 2026 earnings results: VRE recorded net revenue of VND 2,294 billion (+7.6% YoY) and NPAT-MI = VND 1,606 billion (+36% YoY). Earnings growth was mainly driven by: (1) a VND 185 billion gain from the disposal of investment properties; and (2) financial income increasing by +34% YoY to VND 836 billion. Meanwhile, performance across the core businesses was as follows:

-The retail mall leasing segment remained stable, with gross margin reaching 56.2%, compared with 54.4% in Q4 2025 and 58.0% in Q1 2025.

-The real estate segment remained limited, with net revenue of VND 18 billion (-63% YoY). According to management, the real estate business will resume sales launches and be ready to recognize revenue from 2027 at Royal Island, Golden Avenue, and Can Gio.

2. New retail mall opening plan: VRE will begin rolling out the Vincom Collection model — a commercial street format — from 2026.

-In 2026, VRE plans to open VCP Dan Phuong (25,000 sqm in Q3 2026) and the J-Town commercial street at the Vinhomes My Lam urban area (Q4 2026)

-In 2027, the company plans to open a Vincom Mega Mall in Long An and upgrade several existing VCP malls to optimize operations.

-In 2028, VRE expects to open three to five new retail malls at Vinhomes mega projects such as Can Gio and Global Gate.

Overall, VRE has not yet disclosed detailed locations and scale for its new retail mall pipeline. However, we expect its retail gross floor area to increase significantly over the next three years as Vinhomes’ project pipeline continues to expand. In particular, commercial street formats under the (Vincom Collection) model are expected to be developed in tier-2 markets.

3. 2026 AGM update: VRE set its 2026 business plan with net revenue of VND 10,132 billion (+16% YoY) and NPAT-MI of VND 5,375 billion (-17% YoY, or +15% YoY if excluding non-recurring items).This is broadly in line with our forecast. Notably, the AGM approved a cash dividend payment of VND 2,272 billion, equivalent to VND 1,000/share (dividend yield of 3.5%). The company stated that VRE will make efforts to maintain a cash dividend policy in the future.

We maintain our BUY recommendation on VRE with a target price of VND 40,100/share (upside of +39% versus the closing price on April 24, 2026)