- 2024-01-30T00:00:00
- Company Research
- KDH released Q4 2023 results with revenue of VND469bn (USD19mn; -62% YoY) and NPAT-MI of VND62bn (USD2.6mn; -48% YoY). We attribute the YoY declines in Q4 2023 mainly to a lower number of delivered units YoY at the Classia project (~180 units in total – 92% presold at end Q3 2023; which is the main revenue driver in 2023).
- In 2023, KDH’s revenue and NPAT-MI were VND2.1tn (USD86mn; -28% YoY) and VND717bn (USD30mn, -35% YoY), completing 81% and 71% of our respective forecasts. We believe KDH’s results trailed our forecasts due to a lower-than-expected number of handovers at the Classia as we previously expected the Classia project to complete handovers of all units by end-2023.
- KDH officially launched a new project named The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units) in mid-November 2023. Per KDH, the company has presold over 800 units at The Privia as of end-2023, exceeding our previous forecast of ~400 units presold for this project in 2023. As such, we estimate that KDH’s 2023 presales were around VND4tn (USD165mn; vs VND2.1tn/86mn in 2022) which beat our forecast of VND2.9tn (USD119mn).
- As we maintain our expectation that The Privia (topped out in December 2023) will be a major contributor to 2024 earnings, we foresee insignificant change to our forecast for KDH’s 2024F NPAT-MI of VND1.1tn (USD46mn), pending a fuller review.
KDH’s 2023 results
VND bn | Q4 2022 | Q4 2023 | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
Net revenue | 1,234 | 469 | -62% | 2,912 | 2,093 | -28% | 2,593 | 81% |
Gross profit | 298 | 292 | -2% | 1,460 | 1,573 | 8% | 1,855 | 85% |
SG&A expenses | -100 | -112 | 12% | -394 | -369 | -6% | -354 | 104% |
EBIT | 199 | 180 | -9% | 1,066 | 1,204 | 13% | 1,501 | 80% |
Financial income | 9 | 16 | 75% | 18 | 50 | 176% | 41 | 122% |
Financial expense | -29 | -56 | 91% | -91 | -143 | 58% | -144 | 100% |
Net other income | 1 | -24 | N.M. | 419 | -38 | N.M. | 0 | N.M. |
PBT | 180 | 116 | -36% | 1,412 | 1,071 | -24% | 1,398 | 77% |
Tax expense | -69 | -52 | -24% | -328 | -341 | 4% | -379 | 90% |
NPAT-MI | 119 | 62 | -48% | 1,103 | 717 | -35% | 1,005 | 71% |
|
|
|
|
|
|
|
|
|
GPM | 24.2% | 62.1% |
| 50.1% | 75.1% |
| 71.5% |
|
SG&A as % of revenue | 8.1% | 23.8% |
| 13.5% | 17.6% |
| 13.6% |
|
OPM | 16.1% | 38.3% |
| 36.6% | 57.5% |
| 57.9% |
|
NPM | 9.6% | 13.2% |
| 37.9% | 34.2% |
| 38.7% |
|
Source: KDH, Vietcap forecast (last updated November 3, 2023)
Powered by Froala Editor