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16/10/2020 - 11:26

3Q20 Earnings preview: Cut your coat according to your cloth

What’s new?

► Persistent overall shortage of new supply overall, but VHM is an exception.

► 9M20 units sold in HCMC/Hanoi fell by -55% YoY, while newly launched units declined by -59% YoY.

► 2020 earnings might be managed based on the number of reported pre-sold units in order to avoid creating a high-base effect for 2021.

► We expect VHM and KDH to post strong results in 3Q20 on a large number of newly completed condo deliveries.

► The attractiveness of the condo segment to investors/speculators is declining on low expectations for rapid price increases.

► However, pre-sales of some projects remain robust, which we attribute to the shortage of new supply.

Analyst Tam Nguyen, tamnguyen@yuanta.com.vn