KDH reported Q4 2021 results with NPAT-MI of VND414bn (USD18.0mn; +8% YoY) that was mainly thanks to handovers of pre-sold units at Lovera Vista and a VND199bn (USD8.6mn) non-cash gain from consolidating a land plot owned by Nguyen Thu Real Estate Development JSC, per management. In early October 2021, KDH announced that Nam Phu Real Estate Development Company Limited (KDH owns a 99% stake) completed the purchase of 99.9% shares of Nguyen Thu Real Estate Development JSC (charter capital of VND400bn/USD17.4mn). For full-year 2021, KDH’s net revenue and NPAT-MI reached VND3.7tn (USD162.5mn; -18% YoY) and VND1.2tn (USD52.3mn; +4% YoY), which fulfilled 88% and 103% of our full-year forecasts, respectively. 

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