Published Date: 20/08/2024
- 2Q24 net profit (NP) increased by 8% yoy driven by improved GPM and declining financial expenses. 1H24 NP increased by 355% yoy from the low base last year.
- We expect FY24F NP to increase by 192% yoy due to improved GPMs of construction, better performance in water segment, and lower financial expenses. However, FY25F NP may decline by 10% yoy due to ongoing challenges of resort real estate segment.
- We recommend ADD for VCG with the target price of VND 24,100/share.
