研究中心

The company held an analyst meeting on Feb 9 to give the audience a walkthrough of of the upcoming business expansion plan.For full year, NVL’s net revenue was pegged at VND14.9tn, 196.5% yoy while its NPATMI plunged to VND3.2tn, -17.6% yoy due to the absence of a VND3.4tn financial gain from divestment in Phu Dinh Port company in 2020. The results are falling short of the company guidance at 54.2%/84.4%. - The company aims to expand at least to 57,200ha in 2030F with 8,800ha targeted within short-term horizon.

4Q21 NPATMI of VND361bn plunged largely in the absence of the unexpected revaluation gain in 4Q20. In 4Q21, revenue from product handover was remarkable mainly thanks to from handover Akari City of 1,525 units, equivalent to VND3.5tn. The result was lower than our estimation of 1,800 units. Together with a VND429bn goodwill income booked in 1Q21 thanks to a further 30.1% stake acquisition to 65.1% of Waterfront (Izumi) project, 2021 NPATMI reached VND1,071bn, +28.2% yoy.

The November performance witnessed the pause in domestic demand revival amid high expectations during peak construction season. The domestic volume of steel coat recorded 13,516 tonnes (-35.6% mom, -37.8% yoy) while domestic steel pipe volume posted 10,022 tonnes (-28.1% you, -52.9% mom) amid the easing lockdown policy.