KDH-4Q21 review-BUY-Conservatively looking forward
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.