- 2024-05-02T00:00:00
- Company Research
- KDH released Q1 2024 results with revenue of VND334bn (USD13mn; -21% YoY) and NPAT-MI of VND63bn (USD2.5mn; -68% YoY). The Classia project (~180 low-rise units; 95% presold & 90% handed over at end-2023) was the main contributor to Q1 2024 revenue and profit. We are currently seeking KDH’s official comments on the lower-than-expected profit margin from handovers at Classia. We foresee potential downside risks to our 2024F NPAT-MI forecast, pending a fuller review.
- KDH officially launched The Privia (Binh Tan district, HCMC, a total of ~1,040 high-rise units) in mid-November 2023. KDH presold ~100% of the project by February 2024 and fully topped off all three blocks by January 2024. The Privia is scheduled to start handovers in Q4 2024 and be the main revenue and profit drivers for KDH in 2024. Meanwhile, construction for the 11.8-ha JV project with Keppel (Emeria & Clarita) is on track for its sales launch by end-2024. This is in line with our expectation.
KDH’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 as % of 2024F |
Net revenue | 425 | 334 | -21% | 3,343 | 10% |
Gross profit | 332 | 174 | -48% | 1,828 | 10% |
SG&A expenses | -69 | -56 | -18% | -455 | 12% |
EBIT | 263 | 118 | -55% | 1,373 | 9% |
Financial income | 13 | 12 | -6% | 47 | 26% |
Financial expense | -1 | -21 | 15.4x | -138 | 15% |
Net other income | 12 | -7 | N.M. | 0 | N.M. |
PBT | 287 | 102 | -65% | 1,282 | 8% |
Tax expense | -86 | -38 | -56% | -256 | 15% |
NPAT-MI | 200 | 63 | -68% | 1,024 | 6% |
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GPM | 78.0% | 52.2% |
| 54.7% |
|
SG&A as % of revenue | 16.1% | 16.9% |
| 13.6% |
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OPM | 61.9% | 35.2% |
| 41.1% |
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NPM | 47.1% | 19.0% |
| 30.6% |
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Source: KDH, Vietcap forecast (last updated February 22, 2024)
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