Analyst Pin-board KDH –Sales activity slowed down in 1H2022, but expected to dynamic from Q3 2022
- In Q2 2022, KDH recorded a revenue of VND 875 billion (-55% YoY) which mainly due to a decrease in the number of handover products, particularly, the company hand-overed 40 apartments in Clarita project. However, the profit margin recorded at high level, 69%, and the decrease in payment discount expense in this quarter, which made NPAT recorded positive growth, +22,8% yoy to VND 265 billion in Q2 2022. Accumulated in the first 6 months, revenue and NPAT reached VND 875 billion (-55% yoy) and VND 624 billion (+32.2% yoy) respectively.
- In the early days of August 2022, KDH signed a distribution agent for Classia project with Smart Landand and expects most of the projects to be recognized as revenue within the year. Accordingly, we estimate the revenue and NPAT to record VND 2,492 billion (+39% yoy) and VND 862 billion in H2/2022, In which, mainly contributed from handover of rest of classia project.
- In 2022, we forecast the revenue and NPAT at VND 3,367 billion and VND 1,487 billion, respectively, equivalent to growth of -10% yoy and 23% yoy respectively, completing 84% and 106% business plan. EPS estimate at VND 2.006 per share.
- Rong Viet recommend the target price of KDH at VND 43,660/share, equivalent to 8,9% gain, compared to closed price on 18/08/2022. We recommend ACCUMULATE this stock leaned on medium – long term growth.
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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