We initiate coverage of VHM with a BUY rating and projected total return of 22.8%. We use RNAV method to derive a target price of VND102,000/share for VHM in which we have incorporated all 161 million sqm of identified projects under construction and in planning. We forecast VHM’s pre-sales to deliver a 24% CAGR over 2018-2021F, aided by its penetration to more affordable housing with aggressive launch plans for the mega Vinhomes projects and the support of ‘institutional sales