KDH reported H1 2022 net revenue of VND875bn (USD38.1mn; -55% YoY) and NPAT-MI of VND631bn (USD27.4mn; +34% YoY), which fulfilled 34% and 45% of our respective full-year forecasts.

We attribute the 55% YoY decline in H1 2022 net revenue mainly to the YoY lower number of delivered units in the period. Q1 2022 NPAT-MI was mostly supported by a VND308bn (USD13.4mn) non-cash gain from land plot consolidation. We are seeking the company’s explanation on the main profit contributor to Q2 2022 results.

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