Viet Dragon Securities - AGG – Enterprises have a potential land fund but need time to realize revenue

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Viet Dragon Securities

Giao Nguyen

AGG – Enterprises have a potential land fund but need time to realize revenue

• Business results in 2024 recorded growth as the company continues to hand over the remaining products at Westgate (Binh Duong) and Standard projects, when the Southern Real Estate market began to show signs of recovery, with revenue and NPAT-MI increasing by 50.83% and 69.7% YoY, respectively. However, in 2025 business results are expected to decline to VND 800 billion (-58% YoY) in revenue, mainly from the handover of the remaining products of The Song, Westgate and Standard projects.
• The Gio Riverside project is a growth engine for AGG in the period from 2027-2029 with total revenue from handover estimated at VND 7,000 billion.
• AGG owns a potential land fund in Ho Chi Minh City. Ho Chi Minh City and neighboring provinces are the premise for the company's long-term growth. However, we realized that the company needed more time to complete the legality, implementation and revenue realisation.

27/02/2025 5 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Giao Nguyen

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AGG – Enterprises have a potential land fund but need time to realize revenue

STRONG VOLATILITY

DCM - The thrust from selling price is not strong enough

RETESTING THE 1,200 AREA

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