VHM – 2Q21 review [BUY +13.7%] Robust 2Q21 earnings as expected
Vinhomes reported an exciting 2Q21 controlling interest net profit spiked by 72.3% yoy and 89.6% qoq to VND10.2tn. The brisk profit stemmed from the combination of a soaring total revenue of 75.4% yoy to VND28.2tn and an expanding gross margin of 10.6%p yoy. VHM deserves the high conviction BUY rating. Our estimated TP stays unchanged at VND121,700.