VHM - Strong profit in Q3 thanks to on track handovers, bulk sales - Earnings Flash
  • 2022-10-27T00:00:00
  • Company Research

VHM announced strong NPAT-MI of VND14.5tn (USD592mn; +30% YoY) in Q3 2022, which was mainly thanks to (1) the start of handovers at Vinhomes Ocean Park 2 – The Empire (referred to hereafter as The Empire) and (2) the recognition of bulk sales transactions at The Empire and Vinhomes Ocean Park 3 – The Crown (referred to hereafter as The Crown) with a total pre-tax gain of VND8.9tn (USD364mn) that accounted for 47% of VHM’s Q3 2022 PBT. 

VHM’s 9M 2022 NPAT-MI of VND19.7tn (USD804mn; -27% YoY) fulfilled 62% of our 2022F NPAT-MI forecast of VND31.7tn (USD1.3bn; -18% YoY vs 2021’s high base). As we continue to expect deliveries at The Empire to remain strong in Q4 2022 — together with scheduled handovers at Ocean Park, Smart City and Grand Park — we foresee insignificant changes to our 2022F NPAT-MI forecast, pending a fuller review.

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