We initiate coverage of VRE with a BUY rating and projected total return of 28.8%. We derive a target price of VND42,000/share for VRE using a capitalization rate approach and SOTP valuation. We have factored in all of VRE’s operational properties (1.5 million sqm of retail GFA as of end-Q3 2019) and identified projects under construction and planning (1.0 million sqm). We project a 15% CAGR in VRE’s GFA over 2018-2022F, aided by a broad-based scale up across all mall formats.