Published Date: 15/11/2024
- In 3Q24, presales increased 135% yoy but net profit (NP) decreased 26% yoy due to variance in handover timing of the newly launched project. In 9M24, presales increased 58% yoy, NP decreased 39% yoy;
- We forecast FY24-26F NP to grow 5%/11%/4% yoy thanks to the launch of new mega projects (Royal Island and Wonder Park);
- We recommend ADD for VHM with a target price of VND 54,700/share.
