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Home PageThe analysis[VHM VN] Company update — Standing firm amid coronavirus pandemic

[VHM VN] Company update — Standing firm amid coronavirus pandemic

14/09/2020 - 10:48

VHM VN

BUY

TP upside +22%

Close  11 Sep 2020

Price    VND 77,700

12M Target     VND 94,860

What’s new?

► Project construction is ahead of schedule, which has helped to offset the negative impact of COVID-19.
► Unit presales and handover at the three mega projects are also on track. VHM delivered 7,600 units in 2Q20
► The increased pace of urban transport infrastructure construction is positive for urban periphery property demand.

Our view

► VHM is cashing in on its undeniably superior landbank through block sales and property transfers to third party developers.
► The three mega-projects should continue to provide a substantial boost to cashflows over the next several years.
► Top pick in the property space. As Vietnam’s leading property developer, the stock is a proxy on rising national wealth in the decades ahead.

Risks to our view

For complete report, please access here: VHM update — Standing firm amid coronavirus pandemic

Analyst: Tam Nguyen, tam.nguyen@yuanta.com.vn

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