Analyst Pin-board HDG - Hado Charm Villas project is main driver in 2022
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· In 2021, HDG recorded revenue and NPAT-MI of VND 3,841 Bn (-23% YoY) and VND 1,090 Bn (+11% YoY), respectively. The gross profit margin strongly improved thanks to the handover of 82 units at Hado Charm Villas, remaining units of Hado Centrosa along with resilient Energy segment. · In Q1 2022, HDG would focus on finishing the rough construction of villas and preparing for third phase sale in Hado Charm Villas (currently the construction rate reached 70%). Regarding to Energy segment, the power segment is stable when power output in January reached 132 million KwH thanks to the favorable weather per management. · In 2022F, we expect that the handover of Hado Charm Villas 150 units to uplift the overall business results. Our current 2022F revenue and NPAT forecast for HDG are VND 4,271 billion and VND 1,552 billion, respectively. Current forecasts and TP of VND 69,300 are under review. |
Ha Do Group Joint Stock Company (HADOCO), formerly Ha Do Joint Stock Company, is a Vietnam-based company engaged in real estate operations. It is also involved in the development and construction of civil and industrial structures, including office and apartment buildings, hydropower plants, power transmission lines and infrastructures. The Company is engaged in the provision of architectural, engineering, interior decorating and installation services, along with real estate brokerage services. In addition, the Company provides ecotourism services and construction equipment repair services. Other activities include hotel and restaurant operations, as well as hydropower generation and trading.
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