Analyst Pin-board KDH – Capturing the price surge in the HCMC
- In 9M 2021, KDH recorded revenue and NPAT-MI of VND 3,148 bn (-3% YoY) and VND 788 bn (+2% YoY), respectively, owing to the handover of Safira (234 units), Lovera Vista (1,048 units) and Verosa Park (29 units). Meanwhile, sales activity was strongly hit in Q3 2021 given the Covid-19 stringent lockdowns in HCMC from July to end of September. As a result, KDH only sold two units at Verosa Park.
- For Q4 2021, we expect revenue and profit to reach VND 334 Bn (-72% YoY) and VND 118 Bn (-69% YoY), respectively. The result decreased significantly when KDH had few units to deliver in Q4 2021 as they mostly handed over units of Lovera Vista in Q3 2021 (580 units) and Q2 2021 (468 units). Regarding sale activity, KDH will launch a soft sale event in the Armena project with few units. For FY 2021, we forecast that KDH will achieve revenue of VND 3,481 bn (-23% YoY) and NPAT-MI of VND 924 bn (-20% YoY).
- In 2022F, we expect strong NPAT-MI growth of 2022 at 72% YoY thanks to the recognition of Armena and Clarita projects, along with sooner-than-expected revenue of Le Minh Xuan (expanded). From our view, KDH is the main player benefitting from the price surge in the HCMC market amid the supply stagnant in this area. The target price will be updated in the Result report in December.
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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