reports
Khang Dien House Trading & Investment Jsc: 1 director
A director at Khang Dien House Trading & Investment Jsc sold 6,610,000 shares at 0.000VND and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
- Thach Lam Do
KDH – Focusing on long-term strategy
In 1Q23, KDH recorded revenue of VND 425bn (or USD 18.1mn, +198%YoY), due to the handover of high-value townhouse in the Classia project. The gross profit margin (GPM) increased to 78% owing to the contribution of high-end project (average value of ~VND20 bn/unit). Gross profit reached VND 332bn (or USD 14.1mn, +329%YoY, +11%QoQ). KDH’s NPAT was VND 201bn (or USD 8.55mn), down by 33% YoY due to lack of profit from re-valuated asset as it was in Q1 2022. The results met c. 18% of our full-year ...
- My Tran
Analyst Pin-board: KDH – Business results are forecasted to lack the g...
Sales activity recorded a positive return at the end of 3Q22 with the new launch of The Classia project – phase 1, sales results recorded at a high level of 96%. According to the plan, the phase 2 is likely to open for sale in November. In addition, the high-rise projects of The Privia and The Clarita are also expected to launch in 2023. In addition, the projects of 11A - Phase 1 and the expanded Le Minh Xuan IP are also in the legal completion stage, we expect that these two projects ...
- Son Tran
Analyst Pin-board KDH –Sales activity slowed down in 1H2022, but expec...
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 V...
- Son Tran
Result Update Report: KDH - Newly acquired land bank to fuel mid-term ...
“We remain positive with a 19% profit growth per annum during 2021-2024. In 2023, the recognition at the 11A (low-rise), Classia, Clarita and Le Minh Xuan projects will help the company reach revenue of VND 4,742 bn (or USD 206 Mn, +26% YoY) and NPAT-MI of VND 1,754 bn (or USD 76 Mn, +24% YoY). In 2024, we forecast revenue/NPAT-MI of VND 5,708 bn (+20% YoY)/VND 2,007 Bn (+14% YoY) by factoring the contribution of Binh Tan Apartment (An Duong Vuong) given the expected launch in 2022 along with re...
- Son Tran
Analyst Pin-board KDH – One-off gain supported the business results.
· 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...
- Kiet Tran
Khang Dien House Trading and Investment: Capturing the price surge in ...
We believe that the key advantage of KDH are the two low-rise projects ready to launch in the East of HCMC, namely Armena and Clarita during Q4 21 and 2022, which will post 30% CAGR growth on NPAT-MI in the 2020-2023 period. Specifically, we estimate 2022 revenue to reach VND3,913bn (or US$170mn, +12% yoy) and NPAT-MI of VND1,576bn (or US$69mn, +71%), backed by the delivery of Armena and Clarita projects, along with revenue of Le Minh Xuan (expanded) project. These two projects will help KDH ...
- Son Tran
KDH - Capturing the price surge in the HCMC metro area
We believe that the key advantage of KDH in having two low-rise projects being ready to launch in the East of HCMC, namely Armena and Clarita during Q4 2021 and 2022, posting 30% CAGR growth on NPAT-MI in the 2020 – 2023 period. Specifically, we estimate 2022 revenue to reach VND 3,913 bn (or USD 170 Mn, +12% YoY) and NPAT-MI of VND 1,576 bn (or USD 69 Mn, +71%), backed by the delivery of Armena and Clarita projects, along with revenue of Le Minh Xuan (expanded) project. These two projects wi...
- Son Tran
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), r...
- Son Tran
Analyst Pin-board KDH – 2022-2023 would be tipping point
In Q2/2021, KDH achieved revenue of VND 1,112 Bn (or USD 49 Mn, +42% YoY) and NPAT-MI of VND 267 Bn (or USD 12 Mn, +5% YoY). For 1H 2021, KDH recorded revenue of VND 1,948 Bn (or USD 86 Mn, +31% YoY) and NPAT-MI of VND 472 Bn (or USD 21 Mn, +16% YoY). Management expects to fully deliver Lovera Vista – key projects in 2021 units in Q4 2021 given the strict lockdown in HCMC, impacting the handover progress. Per managament, KDH has delivered 36% of total 1,310 units in this project. We maintain...
- Kiet Tran
Khang Dien House Trading and Investment: Lovera Vista to lead 2021 res...
Earnings in Q1 2021 grew 33% backed by the delivery of Safira and Verosa Park projects. 2021 results will be driven by the recognition of Lovera Vista. Current valuation (P/B of 2.4x) looks relative attractive compared to peers’ mean (P/B of 2.9x); The current target price is VND33,100 – we will update our target price as we factor in the new condo project in Binh Tan District (up to 1,000 units) in our model. Q1 RESULTS: OVER 30% OF EARNINGS GROWTH BACKED BY THE DELIVERY OF SAFIRA AND VEROSA...
- Hoang Nguyen
- Lam Nguyen
- My Tran
Vietnam strategy – September 2020: Uptrend boosted by 'cheap' money
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. Looking back on the last few sessions of August, we notice that liquidity was rising in the last part of the month. This was different from the sudden liquidity rises in June and July the when market corrected at that time. By contrast, we found out that when the liquidity and the market are in the same direction, the market trend usually is maintained in t...
- Duong Lai
Vietnam Real Estate: Busy times ahead
The first half of 2020 saw the Covid-19 pandemic affecting the overall economy and changing consumption habits. In real estate, the limit on public gatherings reduced the number of newly launched projects. However, the most notable point during this period was that selling prices did not fall and instead even increased in some cases. This could be explained not only by limited supply but also high demand. In H1 20, real estate companies fulfilled 23% (excluding DXG) of their full-year profit...
- Hoang Nguyen
- Lam Nguyen
- Tu Vu
Vietnam investment strategy – July 2020: Focus on earnings season
In our 23-page strategy report, we look at investment ideas and highlight our favourite stocks. We also cover Vietnam and global macro as well as our July stock market outlook. In Q2 20, Vietnam’s GDP grew 0.24% yoy, better than consensus expectations as most industries recovered well after the “social distancing†period. Hence, we don’t expect companies’ results to be as bad as the consensus predictions. Despite that, there will be divergent results among sectors. Companies that have ...
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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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