2024 recap

VHM’s 2024 presales and earnings surpassed our forecasts by 9% and 15%, respectively, due to Q4 bulk sales. VRE’s 2024 NPAT-MI completed 98% of our forecast, with the retail leasing segment seeing a continued QoQ improvement in Q4 2024. Meanwhile, VIC’s 2024 PBT doubled our forecast as higher property sales recognition and the Chairman’s new grants more than offset the higher EBIT loss from the industrial segment. Please see more details of the 2024 results in our Earnings Flash notes for VIC, VHM, and VRE.

Key changes in forecasts

We increase VHM's presales forecast in 2025F by 12%, supported by stronger presales at Ocean Park 3. We slightly trim our 2025F NPAT-MI forecasts for VHM and VRE by 3% and 2% respectively, due to our higher financial expense projection for VHM and lower rental rate growth projection in 2025F for VRE. We lower our 2025F PBT forecast for VIC mainly due to higher projected industrial EBIT losses resulting from increased EV deliveries and financial expense projections.

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