Analyst Pin-board HDC – Favorable outlook led by the Light City project.
- In Q2/2021, HDC achieved revenue of VND 342.8 Bn (+65% YoY) and NPAT of VND 64.7 Bn (+78% YoY). For 1H 2021, HDC recorded revenue of VND 638.7 Bn (+78% YoY) and NPAT of VND 142 Bn (+83% YoY).
- Management believes that HDC will exceed the target business plan of 2021 with a revenue of VND 1,300 Bn (+55% YoY) and NPAT of VND 256 Bn (+11% YoY). In which, the projects The Light City phase 1, Ngoc Tuoc 2 will make major contributions.
- The 2021F EPS is estimated at VND 2,963/share based on management NPAT target, corresponding to a forward P/E of ~24.8x and P/B of ~4.9x (closing price on September 30, 2021). This is a relatively high level comparing to HDC's own 5-year average P/E and P/B at 9.2x and 1.4x, and the average P/E, P/B of industry at 15-16x and 2.4x, respectively. However, we will evaluate in more detail and come up with an appropriate valuation in the near future.
Ba Ria Vung Tau House Development JSC. Ba Ria - Vung Tau House Development Joint Stock Company (HODECO) is a Vietnam-based company engaged in real estate operations. It is involved in the development of residential areas, houses and apartment buildings for sale or lease. The Company is also engaged in construction of residential and office buildings and streets. It manufactures and trades construction materials, such as ready-mix concrete, sewage pipes and bricks. Additionally, the Company provides real estate brokerage services, securities brokerage services and tourism services. HODECO has two subsidiaries engaged in real estate operations and construction and concrete 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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