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On Feb 18, PDR set up an analyst meeting to brief their 4Q21 results, land bank acquisition and development plan in 2022F-24F. The company claims to acquire at least 5,531ha as of end-2021 (459ha as of end-2020) in 8 provinces of which 18-20% is secured for development while the remainders are sought for a legal license. Breaking down by type of purpose, 28% of the total land bank is monetised for industrial estates. In detail, PDR plans to monetize a 24ha logistic area in Cai Mep-Vung Tau province and 394ha Cao Lanh industrial park in Dong Thap province in 2022F

On Feb 18 analyst meeting, Bamboo Capital Group (BCG) introduced us to the 4Q21 results and their 2022F business plans regarding real estate development and renewable energy strategy. - The net debt to equity is geared to 1.55-1.56x in 2020-21, raising concerns about their leverage. The company has yet provided its fund plan but could issue 60mn shares in 2022F to reduce this ratio.

The January performance witnessed the rosy export volume while local demand was still weak. The domestic volume of steel coat recorded 14,615 tonnes (+2.4% mom, -33.6% yoy) while domestic steel pipe volume posted 11,576 tonnes (+11.7% you, -33.6% mom).

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.

Vinhomes sustained its 4Q21 splendid results of a VND11.9tn NPATMI, +3.7% yoy, 6.9% qoq, topping those listed in the Vietnamese equity market. Marking the three consecutive earnings quarters of over VND10-11tn, 4Q21 earnings came it with a surprise. The company aims to target a rebounding presale guidance in 2022F. However, the earnings estimates could be retreated.

Khang Dien House Trading and Investment JSC’s (KDH) 4Q21 revenue reached VND590bn, -54.3% yoy and NPATMI posted VND414.3bn, 8.3% yoy. We estimate that ~ 99 units in the high-rise Lovera Vista project and 3 units in Verosa were delivered in 4Q21. The company also recorded a VND201bn other income from acquiring 98.9% stake in Nguyen Thu Real Estate company. No information was disclosing about the land bank except KDH could console a VND729bn inventory.

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.

In 9M21, SSI posted a VND1,697bn net profit (+93.9% YoY), beating the full-year guidance by 13.4%. SSI is trading at a 23.9x TTM PE and 3.7x PB ratio, higher than the local peer median of 19.8x and 3.5x, respectively. SSI valuation is warranted by its top three largest broker and top one in margin loan provider who could make the most benefit from the rising daily average trading value up to VND 31tn in late Nov.