3Q20 Earnings preview: Cut your coat according to your cloth
16/10/2020 - 11:26
► 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.
For complete report, please access here: 3Q20 earnings preview — Cut your coat according to your cloth
Analyst Tam Nguyen, email@example.com