DIG - Sluggish property handovers drag H1 2023 earnings - Earnings Flash
  • 2023-07-31T00:00:00
  • Company Research

- DIG released weak Q2 2023 results with revenue of VND162bn (USD6.9mn; -72% YoY) and NPAT-MI of VND10bn (USD0.4mn; -87% YoY) due to having minimal property handovers.

- In H1 2023, DIG’s revenue declined 67% YoY to VND359bn (USD15.2mn) while its NPAT-MI dropped 40% YoY to VND89bn (USD3.8mn), completing 18% and 45% of our respective full-year forecasts. While DIG’s H1 2023 revenue was behind our full-year forecast, we foresee insignificant changes to our 2023F NPAT-MI of VND199bn (USD8.4mn; +38% YoY) as higher-than-expected financial income partly offset lower-than-expected property handovers, pending a fuller review.

- H1 2023 segment revenue from property handovers — mainly at the Gateway Vung Tau, Cap Saint Jacques, Nam Vinh Yen and Hiep Phuoc projects — declined 86% YoY and accounted for 29% of total revenue. Meanwhile, construction and other services contributed the majority to H1 2023 total revenue. 

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