{"id":12149,"date":"2022-03-07T08:42:02","date_gmt":"2022-03-07T01:42:02","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=12149"},"modified":"2022-03-07T08:42:02","modified_gmt":"2022-03-07T01:42:02","slug":"gtjasvn_vhm-equity-report_-q4-2021-updated","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/","title":{"rendered":"GTJASVN_VHM Equity Report_ Q4 2021 updated"},"content":{"rendered":"

Investment thesis<\/span><\/strong>
\n\u2022 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;<\/span>
\n\u2022 In Q4 2021, VHM\u2019s revenue was 23.6trillion VND (+6% y-o-y) while gross profit was 14 trillion VND (+89% y-o-y). NPAT was 11.9 trillion VND (+8% y-o-y).<\/span>
\n\u2022 Vinhomes Co Loa, Dream city and Dan Phuong will be the next project to be launched this year.<\/span>
\nRisk<\/span><\/strong>
\n\u2022 Cyclicity and credit tightening are burden on growth.<\/span>
\n\u2022 Impact of Covid-19 may prolong and hit general demand<\/span>
\nand income.<\/span>
\nRecommendation:<\/span><\/strong>
\nUsing the RNAV method, we value VHM at 81,800 VND\/share<\/strong> and we recommend Neutral<\/strong> recommendation for VHM stock<\/strong>.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-12149","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA\" \/>\n<meta property=\"og:description\" content=\"Investment thesis \u2022 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; \u2022 In Q4 2021, VHM\u2019s revenue was 23.6trillion […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/\",\"name\":\"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2022-03-07T01:42:02+00:00\",\"dateModified\":\"2022-03-07T01:42:02+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_VHM Equity Report_ Q4 2021 updated\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA","og_description":"Investment thesis \u2022 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; \u2022 In Q4 2021, VHM\u2019s revenue was 23.6trillion […]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/","og_site_name":"GTJA","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/gtjai.com.vn\/#website","url":"https:\/\/gtjai.com.vn\/","name":"GTJA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtjai.com.vn\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/","name":"GTJASVN_VHM Equity Report_ Q4 2021 updated - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2022-03-07T01:42:02+00:00","dateModified":"2022-03-07T01:42:02+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_-q4-2021-updated\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"GTJASVN_VHM Equity Report_ Q4 2021 updated"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/12149\/"}],"collection":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/users\/1\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=12149"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=12149"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=12149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}