Analyst Pin-board KDH – One-off gain supported the business results.
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· In 2021, KDH recorded revenue and NPAT-MI of VND 3,738 bn (-18% YoY) and VND 1,202 bn (+4% YoY), respectively, owing to the handover of Safira (234 units), Lovera Vista (1,147 units) and Verosa Park (31 units) along with the consolidation gain from a land lot owned by Nguyen Thu Real Estate Development JSC in District 9. · In Q4 2021, KDH handed over 101 units from Verosa Park (2 units) and Lovera Vista (99 units). For sale activity, KDH sold one unit in Lovera Vista and three units in Verosa Park. Moreover, KDH intends to open sale in Armena project in Q1 2022 (previously at Q4 2021). From our view, it is feasible as the construction progress of Armena is positive. · In 2022F, we expect NPAT-MI growth of 2022 at 32% YoY thanks to the recognition of Armena and Clarita projects, along with sooner-than-expected revenue of Le Minh Xuan (expanded). The current target price is VND 56,000 is under review as we have not factored the value of newly acquired land lot of KDH in District 9. |
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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