- 2024-10-31T00:00:00
- Company Research
- KDH reported its Q3 2024 results with revenue of VND253bn (USD10mn; -59% YoY; -24% vs Q1 2024 and -61% vs Q2 2024) and NPAT-MI of VND70bn (USD2.8mn; -66% YoY; +11% vs Q1 2024 and -75% vs Q2 2024).
- In 9M 2024, revenue declined 24% YoY to VND1.2tn (USD49mn) while NPAT-MI decreased 37% YoY to VND412bn (USD16mn). We attribute the 9M 2024 earnings results mainly to (1) handovers at The Classia (~180 low-rise units; 97% sold and over 95% handed over as of end-Q2 2024) and (2) sales of undisclosed land plots.
- 9M 2024 revenue and NPAT-MI fulfill 36% and 46% of our respective full-year forecasts. However, we expect insignificant change to our forecasts as we still expect that the handovers of The Privia (Binh Tan District, HCMC, a total of ~1,040 high-rise units, ~100% presold) will begin in Q4 2024 and will be a key contributor to our 2024F earnings forecast, pending a fuller review.
- For KDH’s upcoming 11.8-ha JV project with Keppel, we expect the presales launch to start this year as construction for the low-rise portion of this project has mostly been completed.
KDH’s 9M 2024 results
VND bn | Q3 | Q3 | YoY | 9M | 9M | YoY | 2024F | 9M as % |
Net revenue | 616 | 253 | -59% | 1,624 | 1,231 | -24% | 3,384 | 36% |
Gross profit | 433 | 158 | -64% | 1,281 | 832 | -35% | 1,785 | 47% |
SG&A expenses | -120 | -67 | -44% | -257 | -201 | -22% | -503 | 40% |
EBIT | 312 | 91 | -71% | 1,024 | 631 | -38% | 1,282 | 49% |
Financial income | 13 | 7 | -43% | 33 | 30 | -11% | 56 | 53% |
Financial expense | -68 | -13 | -81% | -87 | -45 | -48% | -134 | 34% |
Net other income | -2 | -11 | N.M. | -14 | -70 | N.M. | 0 | N.M. |
PBT | 256 | 74 | -71% | 956 | 546 | -43% | 1,204 | 45% |
Tax expense | -45 | -8 | -83% | -288 | -136 | -53% | -301 | 45% |
NPAT-MI | 208 | 70 | -66% | 655 | 412 | -37% | 898 | 46% |
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Gross margin | 70.2% | 62.5% |
| 78.9% | 67.6% |
| 52.8% |
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SG&A as % of revenue | 19.5% | 26.6% |
| 13.5% | 16.3% |
| 14.9% |
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EBIT margin | 50.7% | 35.9% |
| 63.0% | 51.3% |
| 37.9% |
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NPAT-MI margin | 33.7% | 27.9% |
| 40.3% | 33.5% |
| 26.5% |
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Source: KDH, Vietcap forecast (last updated August 22, 2024)
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