Vincom Retail (HOSE: VRE) | 3Q26 Earnings First Take, BUY (No change)

3Q26 Earnings First Take on VRE

3Q26 Performance: VRE reported 3Q26 revenue of VND2,374bn (+5.5% YoY) and net operating income (NOI) of VND1,561bn (+5.3% YoY), both broadly flat QoQ. NPAT-MI increased 10.6% YoY to VND1,522bn, although declining 5.4% QoQ. For 9M26, revenue reached VND7,041bn (+7.9% YoY), while NPAT-MI increased 25.1% YoY to VND4,737bn, thanks to strong financial income of VND 2,616 bn (+24.3% YoY). NOI margin, however, narrowed to 68.8% from 70.3% in 9M25, reflecting higher electricity and personnel costs.

FY26 Forecast Delivery: Profitability remains well supported, but revenue requires a stronger 4Q26. 9M26 revenue and NOI completed 68.9% and 73.1% of SBBS full-year forecasts, respectively, while NPAT achieved 82.2%. Against management guidance, revenue reached 69.5% and NPAT 89.1%. Strong profit delivery provides some comfort on FY26 earnings, although revenue performance warrants closer monitoring in 4Q26.

FY27 Outlook: Management targets double-digit revenue and net profit growth in FY27, supported by occupancy improving to 89–90% from 88.8% at end-3Q26. However, limited contribution from new malls,limited margin expansion, and shophouse delays and higher CAPEXcould constrain earnings growth