- KDH released Q2 2023 results with revenue of VND587bn (USD25mn; -20% YoY) and NPAT-MI of VND248bn (USD11mn; -25% YoY). The declines are mainly due to a lower number of delivered units and higher effective tax expenses (equivalent to 38% of PBT in Q2 2023 vs 25% in Q2 2022), which are partly offset by higher gross margin (84.2% in Q2 2023 vs 64.0% in Q2 2022). We attribute Q2 2023 revenue mainly to deliveries of the remaining units at Classia (~180 units in total — ~85% presold at end Q1 2023). We are seeking the company’s explanation on the main profit contributor in Q2 2023 as well as updates on presales.

- In H1 2023, KDH’s revenue increased 16% YoY to VND1tn (USD43mn) while its NPAT-MI fell 29% YoY to VND448bn (USD19mn). As H1 2023 NPAT-MI completed 53% of our full-year forecast, we foresee insignificant changes to our 2023F NPAT-MI of VND854bn (USD36mn; -23% YoY).

- In May 2023, Keppel Corporation Limited (Keppel), together with Keppel Vietnam Fund (KVF) (jointly, the Keppel Consortium), entered a binding agreement to acquire a 49% stake in two adjacent residential projects in Thu Duc City, HCMC for VND3.2tn (USD135mn) from KDH. The two companies plan to jointly develop more than 200 landed homes and 600 high-rise apartments on these two sites over a total land area of 11.8 ha. We believe the two projects are Emeria (previously known as Doan Nguyen; 6.0 ha) and Clarita (5.8 ha). 

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