- VHM’s 9M 2023 NPAT-MI was VND32.3tn (USD1.3bn; +64% YoY), mainly driven by deliveries at Ocean Park 2 & 3 and Q1 2023 bulk sales recognition. As 9M 2023 NPAT-MI surpassed our full-year 2023F forecast by 8%, we foresee an upside potential to our forecast, pending a more comprehensive review. 

- Q3 2023 NPAT-MI of VND10.7tn (USD446mn; +11% QoQ but -26% vs a high base in Q3 2022 with bulk sales recognition) was primarily supported by the start of handovers at Ocean Park 3, with a total of 2,400 delivered low-rise units in the quarter.

- 9M 2023 underlying property sales revenue (including business cooperation contract (BCC) and bulk sales transactions recognized as financial income) was VND99.5tn (USD4.1bn; +2.4x YoY), of which deliveries at Ocean Park 2 & 3 accounted for 56% and 26%, respectively. 

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