There are still many challenges ahead.
Prices remain under pressure, likely because the market bets that interest rates are unlikely to drop significantly; the US maintains a hawkish stance, while Japan is in the process of raising rates.
As for valuation, the stock looks attractive—especially considering the 4,200-hectare land bank surrounding Saigon and Hanoi. Looking ahead two or three years, current prices effectively represent a 50% discount.
