VNRG – THE LARGEST RUBBER PLANTATION OPERATOR IN VIETNAM, HELD ITS IPO AUCTION ON FEBRUARY 2ND, 2018.

■ VNRG has a huge land bank, but lacks an execution plan.
■ The company’s young plantation ensures that it will have strong volume growth in the future despite no acreage expansion.
■ The company is targeting a 31% CAGR in earnings between 2018-2020, which we believe is achievable.