We initiate coverage on GVR with a BUY rating and a target price of VND14,100/share, implying a projected total stock return of 33.7%, inclusive of a 5.5% dividend yield. GVR is one of the largest players in natural rubber (NR), industrial park (IP) development and wood processing in Vietnam. These three segments contributed ~98% of GVR’s total EBIT in 2019. GVR was equitized in Q2 2018, but the Committee of Management of State Capital (CMSC) continues to own a controlling 96.8% stake.