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Analyst Pin-board REE – Recovering steadily

We have revised up our target price for REE because of its stable improvement during the year despite having been directly affected by COVID-19. The new target price is VND 54,000, equivalent to an upside of 19% compared to the closing price on December 18^th. The most important reason to accumulate and hold this stock is the persistent cash flow from the office leasing segment, especially the stability despite the impact of COVID-19. This is the premise for REE to continuously invest in public utilities to generate profit growth in the medium to long term. In the near future, although the operation of Thuong Kon Tum Hydropower may have a short-term impact on the profitability of the utility sector, we still believe that REE's public utilities portfolio will achieve stability thanks to its diversity. In the long term, we expect the new e.town 6 office buildings and renewable energy plants to be the growth drivers.