REAL ESTATE INDUSTRY 2024: ACCUMULATION TO BREAK OUT
Support factors for the real estate market (decreasing interest rates, promotional programs from developers and infrastructure development) have started to show effectiveness from the last quarter of 2023 for projects launch sales event, especially in tier-I cities(Hanoi, Ho Chi Minh City) with high absorption rates. We think that these markets will continue to attract the attention of real estate investors in the coming time. Therefore, we like companies with land banks concentrated in tier-I cities, and have plans for sales/legal implementation in 2024. Looking longer - term, we think that the three amended lawsthose approved at the beginning of this year have provided a relatively complete legal framework, aiming to help the residential real estate sector to develop in a more sustainable manner, reducing speculation and encouraging the development of social housing projects to meet the needs of residents. Accordingly, we believe that developers with financial resources and projects with valid investment policies willsoon promote the legal implementation and project development process. KDH remains our favorite stock, with a potential land bank in HCMC. In addition, TCH is also a notable stock with a relatively attractive valuation compared to the potential of exploiting itsland fund
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