Analyst Pin-board KDH – 2022-2023 would be tipping point
- In Q2/2021, KDH achieved revenue of VND 1,112 Bn (or USD 49 Mn, +42% YoY) and NPAT-MI of VND 267 Bn (or USD 12 Mn, +5% YoY). For 1H 2021, KDH recorded revenue of VND 1,948 Bn (or USD 86 Mn, +31% YoY) and NPAT-MI of VND 472 Bn (or USD 21 Mn, +16% YoY).
- Management expects to fully deliver Lovera Vista – key projects in 2021 units in Q4 2021 given the strict lockdown in HCMC, impacting the handover progress. Per managament, KDH has delivered 36% of total 1,310 units in this project.
- We maintain our forecasts for 2021F/22F, with a NPAT-MI growth rate of +5% YoY/23% YoY, equivalent to respective EPS of VND 1,870/VND 2,302. We adjust our target price to VND 43.400/share by factoring the number of new shares outstanding when KDH sold treasury shares in September 2021, equivalent to NEUTRAL
Khang Dien House Trading and Investment Joint Stock Company (KHADIHOUSE) is a Vietnam-based company engaged in real estate operations. The Company invests in the development, leasing and trading of houses, villas, apartment buildings and infrastructures for residential areas, as well as land, office buildings and commercial centers. It is also involved in the construction of civil and industrial structures, such as residential and nonresidential buildings, highways, streets and bridges. On May 5, 2014, the Company announced that it has divested all of its stake in Phuoc Long Real Estate Investment Trading Co Ltd.
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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