{"id":9661,"date":"2021-08-23T08:45:40","date_gmt":"2021-08-23T01:45:40","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=9661"},"modified":"2021-10-14T08:46:37","modified_gmt":"2021-10-14T01:46:37","slug":"gtjasvn_vhm-equity-report_neutral-strong-rebound-in-q2","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vhm-equity-report_neutral-strong-rebound-in-q2\/","title":{"rendered":"GTJASVN_VHM Equity Report_Neutral-strong rebound in Q2"},"content":{"rendered":"<div>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Investment thesis<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">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 allow VHM to raise capital in both Vietnam and overseas;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">In Q2\/2021, VHM\u2019s revenue was 28.7 trillion VND (+75% y-o-y) while gross profit was 14.3 trillion VND (+123% y-o-y). NPAT was 10.3 trillion VND (+202% y-o-y).<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Many projects are already approved by authorities, and ready for development. This becomes the main driver for growth and key point to compete with other competitors in next few years due to current slow license issuance in HCMC;<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Risk<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">License granting has been not yet improved this year;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Cyclicity and credit tightening are burden on growth.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Impact of Covid-19 and new wave of outbreak in May 2021, the presale is continuing to be hit, then the delivery for 2021 could be lower than expected.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">The sale of current 3 mega projects could prolong to 2022 instead of 2021 as before planned.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Other projects such as Wonder Park, Dream city and Long Beach Can Gio would be delayed if the demand does not recover.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Recommendation:<\/strong><\/span><\/p>\n<\/div>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Using the RNAV method, we value VHM at 102,300 VND\/share and we recommend\u00a0<strong>Neutral<\/strong>\u00a0recommendation for VHM stock.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9661","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_VHM Equity Report_Neutral-strong rebound in Q2 - 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_neutral-strong-rebound-in-q2\/\" \/>\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_Neutral-strong rebound in Q2 - GTJA\" \/>\n<meta property=\"og:description\" content=\"Investment thesis Vinhomes has largest land bank in Vietnam, which are in strategic locations. 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Vinhomes is the highest trusted housing brand and has widest profit margin among other developers. 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