KDH – Handover of the Privia project is a bright spot for 2H2024 revenues
• Accumulated in 6M2024, the parent company's total revenue and profit after profit recorded VND 978.5 billion (-2.8% YoY) and VND 341.8 billion (-23.6% YoY), respectively, thanks to the handover of low-rise products of the Classia project, completing 25% of the revenue target and 43% of the profit plan for the whole year.• KDH's inventory continued to grow for the 5th consecutive quarter, reaching VND 21.5 trillion (+65.7% YoY, +5% QoQ in Q22024). During the period, the company mainly invested in the Clarita project (BT – Binh Trung Dong).
• For the whole year of 2024, we estimate total revenue and NPAT-MI to reach VND 4,704 billion (+125% YoY) and VND 981 billion (+37% YoY), respectively, with a focus on the handover of The Privia project (Binh Tan). EPS in 2024 is expected to reach VND 1,137.
• Using the SOTP (Sum-of-the-parts) method, we set a target price of VND 42,000/share after adding the value of the Loc Minh project to the inventory. The total expected return is 13% compared to the closing price on August 16, 2024), which is equivalent to a BUY recommendation for long-term investment purposes.
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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