Analyst Pin-board HDG – Real estate growth motivation in 2H2022
- In 2H2022, revenue (+116% YoY) and earnings after tax (+427% YoY) witnessed a positive growth. The main growth driver came from the real estate segment started handing over the second phase of the Charm Villas project. Along with the energy segment, it continued to maintain a high growth rate (+82% YoY) due to stable operation of factories and favorable hydrological condition.
- In 2022, we predict that revenue and NPAT will be 3,680 VND billion (+3% YoY) and 1,570 VND billion (+17% YoY), respectively, at EPS of VND6,419/share.
- The positive Q2 results could catalyze HDG's price up 28% over the past month, bringing the P/B to 2.35x and about 9% below our latest target price. However, with the gloomy picture of the real estate market in Ho Chi Minh City, we are considering re-evaluating the implementation progress of some HDG’s projects in the future, thereby reviewing the stock valuation.
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.
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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