Stepping up presence in Vietnam

■ BP inked an option agreement with KTG to acquire a 49% stake in a Vietnam
industrial real estate fund (jointly set up) with seed assets worth US$141m.

■ The deal signifies a step towards BP’s next leg of growth (international
expansion) and plans to further grow its income-yielding leasehold portfolio.

■ We keep our Add call with a TP of S$1.40, based on 25% discount to RNAV.