DIG announced Q2 2022 results with net revenue of VND575bn (USD25mn: -7% YoY) and NPAT-MI of VND79bn (USD3.5bn; +50% YoY) that were mainly supported by handovers at the Gateway Vung Tau, CSJ, Nam Vinh Yen and Hiep Phuoc projects. For H1 2022, DIG’s revenue was flat YoY at VND1.1tn (USD47.6mn), but there was a 55% YoY surge in NPAT-MI of VND143bn (USD6.2mn) mainly due to YoY lower expenses related to asset liquidation (VND1.8mn/USD78 vs VND71bn/USD3.1mn in H1 2021).

These H1 2022 revenue and NPAT-MI results are equivalent to 28% and 14% of our respective full-year forecasts. However, we foresee insignificant change to our 2022F NPAT-MI forecast of VND1.0tn (USD45mn; +5% YoY). Management also shared its business plan for H2 2022, including (1)  an expected gain of VND1.0tn (USD43.5mn) from M&A activities in Q4 2022 and (2) revenue recognition mainly from commercializing the Nam Vinh Yen, Vi Thanh and Lam Ha Center Point projects.