{"id":9657,"date":"2021-08-18T08:44:33","date_gmt":"2021-08-18T01:44:33","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=9657"},"modified":"2021-10-14T08:45:32","modified_gmt":"2021-10-14T01:45:32","slug":"gtjasvn_real-estate-sector-report_neutral_recovery-signal-in-quarter-2","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_real-estate-sector-report_neutral_recovery-signal-in-quarter-2\/","title":{"rendered":"GTJASVN_Real estate Sector Report_Neutral_Recovery signal in Quarter 2"},"content":{"rendered":"<div>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Key Highlight<\/strong>\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Launched units and sold unit in Hanoi market were lower compared to last year figure (-37% YoY and -15% YoY). However, they slowed down compared to Q1 2021 due to new wave of Covid-19 break out in April 2021.\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">In HCMC, the slow granting license issue is still constraining the launching unit. However, high demand for housing in HCMC leaded to high absorption. There are about 3,968 units were launched in Q2, double from Q1 number, more than +50% YoY. Sold unit was positive, with more than 4,700 units, +140% YoY and +76% QoQ;\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Average price across segments has raised slightly from last quarter ; Steel price and other construction materials such as concrete, stone, sand etc. have reduced after strong raising since early 2021;\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">In Q2 2021, most of large property developers record high growth in revenue y-o-y because the presale in 2019 and 2020 support the revenue recorded were delivered during this quarter. Similarly, NPAT grew strongly with the revenue\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">The credit growth of real estate sector has been similar to total credit growth in Q2 2021 at 5.4% ytd.\u00a0<\/span><\/li>\n<\/ul>\n<div style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Comment\u00a0<\/strong><\/span><\/div>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Property market has been distressed phase since presale across the segments was reduced significantly although Q2 result was positive. Pandemic outbreak leads to prolong and wide social isolation impose, restrain the recovery. It is hurting the economy and the market heavily; we think this would not stop until vaccine is polarized. We are still observing the market to see whether the recovery come back.\u00a0<\/span><\/li>\n<\/ul>\n<\/div>\n<div style=\"text-align: justify;\">\n<div>\u00a0<\/div>\n<p><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">We remain Neutral for residential property sector. S<span lang=\"EN-US\">tocks in the sector are recommended to watch: \u00a0<\/span><span lang=\"EN-US\">VHM,NLG, KDH.<\/span><\/span><\/div>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9657","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_Real estate Sector Report_Neutral_Recovery signal in Quarter 2 - 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_real-estate-sector-report_neutral_recovery-signal-in-quarter-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_Real estate Sector Report_Neutral_Recovery signal in Quarter 2 - GTJA\" \/>\n<meta property=\"og:description\" content=\"Key Highlight\u00a0 Launched units and sold unit in Hanoi market were lower compared to last year figure (-37% YoY and -15% YoY). 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