REE – Brief – [NONRATED] – Waiting for the Real Estate story

3Q24 revenue persisted a 5% yoy to VND2,061bn, fulfilling 63% of KIS forecast, as the occupancy rate of the Etown 6 fell short of our expectations. Meanwhile, NPAT surged by 20% yoy to VND561bn (fulfilling 65% of KIS forecast), driven by a 9.6%p yoy (44.9%) gross margin expansion of Power.