- 2024-07-30T00:00:00
- Company Research
- KDH reported H1 2024 revenue of VND978bn (USD38mn; -3% YoY) and NPAT-MI of VND342bn (USD13mn; -24% YoY), which were mainly driven by (1) handovers at Classia (~180 low-rise units; over 95% handed over at end-Q2 2024) and (2) sales of undisclosed land plots.
- H1 2024 revenue and NPAT-MI completed 27% and 41% of our respective full-year forecasts. We foresee upside potential to our 2024F NPAT-MI forecast of VND829bn (USD33mn; +16% YoY) as H1 2024 sales of undisclosed land plots and the gross margin were higher than our previous expectations, pending a fuller review.
- For H2 2024F, we continue to expect KDH to (1) start handovers at The Privia (a total of ~1,040 condo units; achieved a 100% presales result with all three blocks fully topped off by January 2024) and (2) to launch presales for its 11.8-ha JV project with Keppel (Emeria & Clarita; the construction for a low-rise portion at this project has been mostly completed).
KDH’s H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY | H1 2023 | H1 2024 | YoY | 2024F | H1 as % of 2024F |
Net revenue | 587 | 645 | 10% | 1,008 | 978 | -3% | 3,680 | 27% |
Gross profit | 494 | 509 | 3% | 848 | 683 | -19% | 1,615 | 42% |
SG&A expenses | -61 | -86 | 42% | -137 | -143 | 4% | -508 | 28% |
EBIT | 433 | 423 | -2% | 711 | 541 | -24% | 1,107 | 49% |
Financial income | 8 | 10 | 37% | 20 | 23 | 10% | 65 | 34% |
Financial expense | -12 | -11 | -8% | -19 | -33 | 68% | -134 | 24% |
Net other income | -13 | -50 | N.M. | -12 | -57 | N.M. | 0 | N.M. |
PBT | 416 | 371 | -11% | 700 | 473 | -32% | 1,038 | 46% |
Tax expense | -159 | -91 | -42% | -233 | -129 | -45% | -208 | 62% |
NPAT-MI | 248 | 278 | 12% | 447 | 342 | -24% | 829 | 41% |
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Gross margin | 84.2% | 79.0% |
| 84.2% | 69.8% |
| 43.9% |
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SG&A as % of revenue | 10.3% | 13.4% |
| 13.5% | 14.6% |
| 13.8% |
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EBIT margin | 73.9% | 65.6% |
| 70.6% | 55.2% |
| 30.1% |
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NPAT-MI margin | 42.3% | 43.2% |
| 44.4% | 34.9% |
| 22.5% |
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Source: KDH, Vietcap forecast (last updated May 17, 2024)
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