- TCH is one of the largest real estate developers in Hai Phong. The company is also involved in truck distribution, construction, and rental services. We are providing an update on TCH following our last report, dated January 27, 2022.

- Real estate is TCH’s main revenue contributor, at 67% in FY2023 and 83% in FY2024. In FY2023-2024, TCH’s property sales mainly came from the handover of two residential projects in Hai Phong: the Hoang Huy – So Dau complex (1 ha) and the Block H1 apartment – Hoang Huy Commerce (1.7 ha).

- TCH guides for FY2025G net revenue of VND2.5tn (-34.3% YoY) and NPAT of VND800bn (-35.6% YoY), which we believe is conservative given the company’s high real estate backlog and improving truck distribution business.

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