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GTJASVN_VHM Equity Report_Neutral_Property market is tightening _Aug2022

16/08/2022

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Property market is tightening

Investment thesis

·         Vinhomes has largest land bank in Vietnam, which are in strategic locations. Vinhomes is the highest trusted housing brand and has widest profit margin among other developers. Strong financial condition with strong brand name allows VHM to raise capital in both Vietnam and overseas.

·         In Q2 2022, VHM’s revenue was 4.5 trillion VND (-84% y-o-y) while gross profit was 1.39 trillion VND (-90% y-o-y). NPAT was 622 billion VND (-94% y-o-y).

·         Vinhomes Ocean Park 2, Co Loa and Wonder Park will be the next project to be launched later this year.

Risk

·         Cyclicity and credit tightening are burden on growth.

·         High housing price will be the most significant risk when tightening cycle start.  

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