REE Flash Note – BUY

• REE reported positive Q3/2026 results, with NPATMI reaching VND788 bn, +17% YoY. As a result, 9M2026 NPATMI reached VND2,134 bn, +12% YoY, fulfilling 76% of the company’s plan and 78% of our 2026 forecast.
• 9M2026 NPATMI growth was robust YoY, driven mainly by profit growth in the energy and M&E segments, together with the divestment gain from Su Pan 2 Hydropower JSC (SP2) and higher deposit interest income. We maintain our earnings forecasts for 2026 (+8% YoY) and 2027 (+13% YoY). Accordingly, we assign a 2027 target price for REE of VND61,400/share, implying an expected total return of 36.9%, rating BUY.

Q3/2026

REE’s revenue reached VND3,270 bn, +28% YoY. The largest contributor to revenue growth was the M&E segment (+71% YoY), largely thanks to the value of newly signed contracts, which exceeded VND6,000 bn as of end-Q2/2026. Real estate revenue also grew 12% YoY to VND333 bn, on the back of a 10% YoY increase in the occupancy rate.

REE’s NPATMI reached VND789 bn, +17% YoY. The energy segment was the largest contributor at VND406 bn, +12% YoY, largely thanks to the Duyen Hai V1-4 wind power project, which reached COD in Mar 2026. The M&E segment recorded the strongest NPAT growth, +72% YoY, to VND117 bn.

9M2026:

9M2026 business results were positive, with REE’s NPATMI reaching VND2,134 bn, +12% YoY, driven by growth across all 03 segments: M&E (VND204 bn, +84% YoY) on higher newly signed contract value, Energy (VND1,101 bn, +9% YoY), and Water (VND276 bn, +10% YoY) with the commissioning of Phase 2 of the Song Da water plant of Song Da Clean Water Investment JSC.

Conclusion: REE’s 9M2026 results were positive, closely tracking the company’s plan and our forecasts. The company also stated that it will not pay cash dividends during 2026 – 2030 in order to focus its capital on developing RE projects. We maintain our valuation and forecasts, with a 2027 target price for REE of VND61,400/share, implying an expected total return of 36.9%, rating BUY.